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Business Partnerships

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Questions and Answers

Which of the following is a disadvantage of a business partnership?

Ease of formation

Limited liability for partners

Shared decision-making

Unlimited personal liability (correct)

What is a legal requirement for creating a partnership agreement?

Written agreement (correct)

Handshake agreement

Verbal agreement

Notarized agreement

What is the impact of partnership laws on partners' ability to modify partnership terms?

Partners cannot modify terms

Partners can modify terms with majority consent

Partners can modify terms without consent

Partners can modify terms with unanimous consent (correct)

How can a partnership be dissolved?

<p>By unanimous consent of the partners</p> Signup and view all the answers

What is a limited partnership?

<p>A partnership with limited liability for some partners</p> Signup and view all the answers

Business Partnerships

Choose a study mode

Podcast

Questions and Answers

Which of the following is a disadvantage of a business partnership?

What is a legal requirement for creating a partnership agreement?

What is the impact of partnership laws on partners' ability to modify partnership terms?

How can a partnership be dissolved?

What is a limited partnership?

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