explain partnership in 5-7 sentences
Home
/
explain partnership in 5-7 sentences
explain partnership in 5-7 sentences
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Answer:
A partnership is formed when two or more people agree to work together to run a business and divide profits and responsibilities equally. The profits and liabilities of a general partnership company are shared by all the partners. A partnership may provide tax benefits over a corporation. To be in partnership means to agree to work together for the benefit of one's own interests. Individuals, corporations, interest groups, schools, governments, and coalitions are all examples of partners in partnerships. A partnership is a legally binding contract between two or more people to manage and operate a business and share in the profits.
Explanation:
Total : 6 sentences !
Answer:
A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. ... There may be tax benefits to a partnership compared to a corporation.