Partnership - SS1 Commerce Past Questions and Answers - page 1
1
In a general partnership, who shares equal responsibility and liability for the business?
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A
General partners
B
Limited partners
C
Silent partners
2
What is the main difference between a general partnership and a limited partnership?
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A
Limited liability of partners
B
Involvement in day-to-day management
C
Equal distribution of profits
3
How is a partnership formed?
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A
By registering with government authorities
B
By signing a partnership agreement
C
By obtaining a business license
4
What is the purpose of a partnership agreement?
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A
To determine the partnership's business name
B
To outline the roles and responsibilities of partners
C
To secure funding for the partnership
5
What type of partnership involves limited liability for some partners?
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A
General partnership
B
Silent partnership
C
Limited partnership
7
What is the purpose of a partnership agreement?
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