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