Question: DO NOT use the full ILAC method when answering. Instead, need only apply the law and, where relevant, identify the relevant sections and sub-sections of

DO NOT use the full ILAC method when answering. Instead, need only apply the law and, where relevant, identify the relevant sections and sub-sections of legislation and/or case law to support the answer.

Q2

Distinguish between the key legal characteristics of a general partnership and a limited liability partnership in terms of liability and the sharing of profits and losses.

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