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  • Chapter 5 Economics Review Flashcards - Quizlet
    What kind of business organization is it? B partnership B in order to limit personal responsibility if one of them issued We have an expert-written solution to this problem!
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    What kind of business organization is it? Partnership Why might people structure their business as a limited liability partnership rather than a limited partnership It limits the personal responsibility if one of them is sued
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    Compared to a sole proprietorship, which of the following is considered an advantage of a general partnership? C Ease and flexibility in transferring shares of ownership to others D Ability to pool financial resources When entering into a new partnership, a good strategy is to
  • Chapter 8 Lesson 1 Quiz Flashcards | Quizlet
    Study with Quizlet and memorize flashcards containing terms like True or False: The easiest type of business to start is a partnership, True or False: Unlimited liability is one of the main disadvantages of a sole proprietorship, True or False: Partnerships are the least numerous form of business organization in the US and more
  • 4 Types of Business Structures — and Their Tax Implications
    The best business structure for your company depends on your long-term goals, ownership, plans to hire employees, and legal risk While some very small businesses and side hustles may operate safely as a sole proprietorship, most businesses are better off registering a business with their state
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    In a limited partnership, there are two classes of partners General partners are responsible for day-to-day business and personally liable for the company’s debts and obligations
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    There are a couple of differences between general and limited partnerships, such as with involvement, liability, and more Your choice between general and limited partnership may come down to how involved you intend to be with the business, and how much you’re willing to invest
  • Solos, Corporations, And LLCs: What Works Best For Your Business? - Forbes
    A limited liability partnership (LLP) is similar to a general partnership, but unlike a general partnership, which can exist informally, an LLP must be registered with the state The benefit of
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    In this guide, we will discuss some of the most popular types of business partnerships: general partnership (GP), limited liability partnership (LLP), joint venture (JV), and limited liability company (LLC) We will also examine how each one works so that you can decide which is best for your business
  • Which Structure of Business Partnership Is Best for You?
    There are four options for organizing a partnership: general, limited, limited liability, and limited liability limited partnership Each gives the owners a role as a general or limited partner FindLaw offers these definitions: General partner: Manages the company's day-to-day operations





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