Partnerships Identify characteristics of partnerships Partnership General Partnership
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Partnerships Identify characteristics of partnerships. Partnership General Partnership Limited Liability Partnership BAUMAN 2019
A partnership is a business owned and operated by two or more people. BAUMAN 2019
General Partnership • All partners share equally in responsibility and liability. • All partners are responsible for the business. BAUMAN 2019
If you form a general partnership, your partner’s actions directly affect you. BAUMAN 2019
Limited Partnership • One partner must be a general partner or responsible and liable for the business. • The other partners are limited partners. BAUMAN 2019
The limited partner only contributes money and has limited liability. BAUMAN 2019
Limited Liability Partnership • Only some individuals are allowed to form such partnerships. • Doctors, lawyers, and accountants are allowed to form limited liability partnerships. • In these partnerships, liability is limited. BAUMAN 2019
In limited liability partnerships each partner is responsible for his own actions. BAUMAN 2019
Questions for Reflection: 1. List the three types of partnerships. 2. Who is liable and responsible in a general partnership? 3. How do limited partnerships function? 4. Why would a partner chose to be a limited partner? 5. Who is allowed to form a limited liability partnership? Why? BAUMAN 2019
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