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What are the advantages to a business of being formed as a partnership or sole proprietorship? What are the disadvantages?

Chapter 1, Questions #3
What are the advantages to a business of being formed as a partnership or sole proprietorship? What are the disadvantages?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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Proprietorships and partnerships receive favorable tax treatment compared …View the full answer

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Related Book For answer-question
Financial Accounting Tools for business decision making

Financial Accounting Tools for business decision making

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

ISBN: 978-0470534779

Answers for Questions in Chapter 1

Brief Exercises:
Broadening Your Perspective:
DO IT! Review:
Exercises:
IFRS Exercises:
Problem Set A:
Problem Set B:
Questions:

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