Question: Chapter 42: Partnership 1. How easy/difficult is it to create a partnership? 2. What are the two kinds of partnerships and which is most common?

Chapter 42: Partnership

1. How easy/difficult is it to create a partnership?

2. What are the two kinds of partnerships and which is most common?

3. Who is liable for the obligations of a general partnership?

4. How does a limited partnership work and what is the impact on general and limited partners?

5. What is the benefit of a partnership?

6. What is a detriment for partnerships regarding tax returns?

7. How many general partners are required?

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