The start of a business requires answers to several complicated questions. One such question is the type of business structure for the new organization. This week we focus on the partnership structure, which is sometimes confused with the corporate form. With that in mind, please distinguish between the characteristics of a partnership and corporation. Then, discuss the "Act" and the concept of the "partnership agreement" that defines and establishes the organizational and operational rules for partnerships.

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Distinguishing between the characteristics of a partnership and corporation 1 Ownership and Liability Partnership In a partnership two or more individuals or entities come together to carry on a busin... View the full answer