LAW 122 Lecture 5: Business law 122 fact scenarios (class 5) winter 2016

Partnerships refer to more than one owner. A limited partnership ______________.
a) consists of general partners and limited partners, at least one of each
b) is a shadow firm for a much larger corporation. It is like a shell company to dispose of risky assets
c) is taxed similar to a corporation, whereas a general partnership is taxed like a sole proprietorship
d) is limited by the number of partners allowed. There can only be a total of 10 partners actively involved in the business

Define the partnership form of business organization. What are its advantages and disadvantages?

41). Which is correct

A) stranger

B) acquaintance

C) scripted

D) mature partnership