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Key Characteristics of Partnerships

This document provides answers to questions about partnerships. Partnerships are unincorporated business associations between two or more co-owners who sign agreements and have mutual agency and unlimited liability. Partnerships have limited lifetimes and are not taxable entities. The document does not contain answers for questions 2 or 3.

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tan keng qi
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164 views12 pages

Key Characteristics of Partnerships

This document provides answers to questions about partnerships. Partnerships are unincorporated business associations between two or more co-owners who sign agreements and have mutual agency and unlimited liability. Partnerships have limited lifetimes and are not taxable entities. The document does not contain answers for questions 2 or 3.

Uploaded by

tan keng qi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Tutorial 2

Handout
Partnership
Question 1
Identify and discuss the key characteristics of
partnerships.
Question 1
Answer:
Partnerships are unincorporated associations of
two or more persons who join to pursue a
business for profit as co-owners. Partners sign a
partnership agreement and are subject to
mutual agency and unlimited liability for acts of
the partnership. Partnerships have limited life,
and are not taxable entities.
Question 2
Question 2
Answer:
Question 2
Answer:
Question 2
Answer:
Question 3
-Refer to handout-
Question 3

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