Partnership Questions and Answers (Q&A)

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Small business startup owners have important decisions to make in structuring their companies. The following are the significant differences between a Sole Proprietorship and a Limited Liability Company (LLC): a. OWNER CONTROL: A sole proprietor is responsible for making all the decisions...Read More

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B. Wright

Always excited to learn and talk about new topics

LLP means a Limited Liability Partnership. It can be regarded as a sub-form of the real partnership. The partnership is a form of business agreement in which two or more parties come together to form a business and work together to achieve a particular business goal, and both profit and loss...Read More

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Corporate partnerships are also known as business structures. Just because you want to start a business, it doesn’t mean that you can use any structure. You will need to either consult a business expert or determine which structure will best identifies you and your business situation....Read More

1 Answer

The answer to this is letter B. Mesher owed Kahn a fiduciary duty to fully disclose any information pertaining to the winding of a partnership. There is a need for Mesher to inform Kahn of the different actions that are related to the partnership. Since this is something that Mesher did not do,...Read More

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Its A. Because only in case of change in name and principle place of business all the procedure is necessary. In case of brances intimation is sufficient. Plz read S. 60 and 61 carefully.

The ans given by website is wrong. Plz correct it.

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The loses and profit shall be distributed conformity with the agreement, with the absence of stipulation the sharing of profit and loses shall be in proportion of what he may have contributed. If there is industrial partner, he is excluded of the sharing of profit.

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TRUE. A partner may associate 3rd person concerning of his share in the partnership, this known as sub-partner. A sub-partner cannot affect the partnership because he has no say the management to the partnership. A sub-partner cannot also be part of partnership without the consent of the other...Read More

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