Flashcard Set Preview
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| 1 |
What is a relationship existing between two or more people?
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Partnership
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| 2 |
What kind of partners participate in the day-to-day operations?
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active partners
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| 3 |
Who are the partners in a partnership who are also called "Silent Partners"?
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Dormant Partners
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| 4 |
Who are the partners in a partnership who only let the firm use their name, and they get no...
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Nominal Partners
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| 5 |
Who only shares profit, can be part of a business, but under certain restrictions?
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Minor Partners
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| 6 |
What are more sources of avaliable in a partnership?
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Capital
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| 7 |
What simple agreement do you need for the partnership?
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Oral or written
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| 8 |
How does the partnership end?
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if one partner dies or if they agree not to work together any longer
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| 9 |
What is the total numbers of partners you can have?
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20
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| 10 |
Do the owners in a partnership have equal rights?
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yes
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| 11 |
Do Nominal Partners let the firm use their name for the business?
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yes
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| 12 |
What to the partners have to do in a Partnership to be successful?
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agree on ideas
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| 13 |
Is there unlimitied liability in a Partnership?
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yes
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| 14 |
Who is the boss of the business?
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The partners
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| 15 |
Is it difficult to start a Partnership business?
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no
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| 16 |
What do the partners have to share?
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The profits and loses of the business.
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| 17 |
What do the partners contribute to a Partnership?
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money, property, labor, or skill
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| 18 |
What is an example of a partnership?
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a law firm
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| 19 |
Do both partners have to agree on everything or do they take turns?
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they both have to agree
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| 20 |
What is each partner responsible for in
the business made by all the partners?
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debts
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