Partnership Form of Organization a. List five characteristics of a partnership. b. List

Chapter 27, Problem 1

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QUESTION:

Partnership Form of Organization

a. List five characteristics of a partnership.

b. List three advantages and three disadvantages of the partnership form of business.

Questions & Answers

QUESTION:

Partnership Form of Organization

a. List five characteristics of a partnership.

b. List three advantages and three disadvantages of the partnership form of business.

ANSWER:

                                                                 Step 1 of 3

A partnership is the voluntary association of two or more persons joined together to share profits and losses at an agreed ratio. Forming a partnership only requires a partnership agreement.

                                                                 

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