Partnership Flashcards
(6 cards)
1
Q
Liability/ unlimited liability
A
unlimited liability - Two or more people share ownership. Each partner is personally responsible.
2
Q
how many people run it?
A
2 to 20
3
Q
what happens with profit + losses
A
split it
4
Q
What might type of buisness partner may they have
A
a silent who dosn’t take any part in the running of the buisness
5
Q
is it expensive and easy to set up/
A
no its easy and inexpensive to set up
6
Q
What do they have to do with business name
A
It has to be registered
