Partnership Homework Help
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What is partnership?
In any business venture, partnership is done to share all the assets, liabilities and profits among two individuals. Sometime the investment is so high that it is difficult for one businessman to offer it in whole, so a partner helps him with a certain conditions of business being distributed among them. In this partnership homework help article we will discuss the matters over meaning, definition and types of partnership that occurs.
Any parties belonging to business, nonprofit areas, governments or individuals go through a cooperative Endeavour to vary the goals of the party on a broader scale. Our partnership homework help article says that there can be or cannot be a written agreement to satisfy the fulfillers of a partnership.
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Categories of partnership
Our partnership homework help article classifies three major types of partnership.
1. General partnership in which each member of the party share the legal and financial liability on equal bases. All the debts the partnership has should have equal influence on every member of the team.
2. Limited liability partnerships are usually seen in accounting or law and architectural firms. It separates the rights of partners. It one partner is held for malpractice then legally other partner’s assets invested in the company should not get suffered.
3. Limited partnerships are the general phenomenon for the mixed terms of the first two explained. In our partnership homework help article, at least one partner of the venture should be a general partner while at least one partner’s liability should be limited to the amount they have invested in the venture.
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