Understanding Business
11th Edition
ISBN: 9780078023163
Author: William G Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Question
Chapter 5.2, Problem 3TP
Summary Introduction
To determine: The difference between a limited partner and a general partner.
Introduction:
Two or more persons who agree to share the risks and profits of the enterprise are known as partners.
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What is the difference between a limited partner and a general partner?
You have been invited to become a member of a partnership. What are five of the considerations you need to assess in making a decision whether to join the partnership and whether to become a general or limited partner?
What are the main differences between general partnership and limited partnership?
Chapter 5 Solutions
Understanding Business
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5.3BQ
Ch. 5.3 - Prob. 5TPCh. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DWSCh. 5 - Prob. 2DWSCh. 5 - Prob. 3DWSCh. 5 - Prob. 4DWSCh. 5 - Prob. 5DWSCh. 5 - Prob. 1TITCh. 5 - Prob. 2TITCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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Similar questions
- how is a limited partnership transferred or sold and how the ownership interests would be handled?arrow_forwardWhat does a limited partnership need to do if it wants to continue operations after a general partner withdraws?arrow_forwardWhat is a partnership? Outline the legal issues involved in the formation of a partnership. In your answer, discuss the issues that partners should consider in drafting the partnership agreement.arrow_forward
- Under what conditions would you consider joining a partnership, Why would you avoid becoming a partner?arrow_forwardSuppose a partnership is set up and operated without a formal partnership agreement. What problems might arise? Explainarrow_forwardIf there is no written partnership agreement, how is the general partnership managed?arrow_forward
- If you were to become a partner in a limited partnership, which would you prefer: being a general partner or being a limited partner? Explain your answer in 3 to 5 sentences only.arrow_forwardWhat are the rights and responsibilities of partners in a partnership?arrow_forwardIs a limited partnership more likely or less likely to have a partnership agreement than a general partnership?arrow_forward
- What are the main distinctions between an ordinary partnership and a private limited company?arrow_forwardBrenden and carmen are considering forming a partnership. they need your help as to how income and lossee should be divided in their partnership.What factors should be considered in determining the division of net income or losses?arrow_forwardWhy would you choose Limited Liability Company as a business entity type ?arrow_forward
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