1. what percentage of all businesses are partnerships?
2 percent
7 percent
15 percent
25 percent
2. what is a major advantage of a business that is a partnership rather than a sole proprietorship?
the responsibility for the business is shared.
the business is easy to start up.
the partners are not responsible for the business debts.
the business is easy to sell.
3. what is the difference between a limited partnership and a limited liability partnership?
in a limited partnership, every partner is responsible for the company's actions.
in a limited partnership, partners cannot lose the money they have invested.
in a limited liability partnership, only one partner manages the business.
in a limited liability partnership, all partners are limited from liability in some situations.
4. what are assets?
suits against a partnership
absolute control over a company
money and other valuables
taxes that apply to a partnership
5. how is a general partnership organized?
every partner shares equally in both responsibility and liability.
the doctors, lawyers, or accountants who form a general partnership hire others to run the partnership.
no partner is responsible for the debts of the partnership beyond his or her investment.
only one partner is responsible for the debts of the partnership.

1.The 7 percent of all businesses are partnership.

2.The advantage of the partnership over sole proprietorship is that the responsibility for the business is shared.

3.The difference between a limited partnership and a limited liability partnership is that in case of In a limited liability partnership, all partners are limited from liability in some situations.

4.The assets are money and other valuables.

5.A general partnership is organized when every partner shares equally in both responsibility and liability.

Further Explanation:

1. The reason for having seven per cent of all business as partnership are:

• The business is easy to start  and costs of starting is low

•The partners have more capital available with them to run the business.

•There are limited rules and regulation that are applicable  on the business

Therefore, the 7 percent of all businesses are partnership.

2. The advantages of the partnership over sole proprietorship are:

• The partnership has more capital than sole proprietorship.

•The risk is shared between the partners in case partnership but sole proprietor bears unlimited risk.

•The partner shares the responsibility of running the business while one person manages the firm in case of sole proprietorship.

Therefore, the advantage of the partnership over sole proprietorship is that the responsibility for the business is shared .

3.  Difference between limited partnership and limited liability partnership:

In case of limited partnership, the partners have unlimited liability for the firms loses and debts but in case of limited liability partnership, the liability of the partner is limited to the amount they have undertaken to contribute.

The difference between a limited partnership and a limited liability partnership is that in case of a limited liability partnership, all partners are limited from liability in some situations.

4. Asset: It refers to the resources owned by the company and can be converted into cash. It can be tangible or intangible. The examples of assets are cash, goodwill, plant and machinery, building and stock.

Therefore, the assets are money and other valuables.

5. General partnership: It is a form of business arrangement in which more than one individual agrees to share profits, assets, legal and financial liabilities of a co-owned business.

Therefore, a general partnership is organized when every partner shares equally in both responsibility and liability.

Learn more:

1.Learn more about the business out of necessity

link

2.Learn more about the organizational structural  

link  

3.Learn more about the type of strategy  

link

Answer details:

Grade: Middle School

Subject: Business Studies

Chapter: Partnership

Keywords: Percentage, of all businesses, partnerships, advantage, partnership, sole proprietorship, limited partnership, and a limited, liability, partnership, What are assets, general partnership, organized, partnership.

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