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    AC 42 Unit 1 Pretest 01 27 24 01.27.24

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    A partnership is a business owned by two or more people that is governed by a written agreement addressing formation, operations, and dissolution. Key differences between a partnership and corporation include that a partnership involves unlimited liability for partners, dissolution occurs upon death or withdrawal of a partner, and formalities like meetings are not required for a partnership. An industrial partner actively manages the firm and is known publicly as a partner, while a silent partner only provides capital and does not participate in management.

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    AC 42 Unit 1 Pretest 01 27 24 01.27.24

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    s.hoy.kristykate
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    A partnership is a business owned by two or more people that is governed by a written agreement addressing formation, operations, and dissolution. Key differences between a partnership and corporation include that a partnership involves unlimited liability for partners, dissolution occurs upon death or withdrawal of a partner, and formalities like meetings are not required for a partnership. An industrial partner actively manages the firm and is known publicly as a partner, while a silent partner only provides capital and does not participate in management.

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    AC-42-Unit-1-Pretest-01-27-24-01.27.24

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    A partnership is a business owned by two or more people that is governed by a written agreement addressing formation, operations, and dissolution. Key differences between a partnership and corporation include that a partnership involves unlimited liability for partners, dissolution occurs upon death or withdrawal of a partner, and formalities like meetings are not required for a partnership. An industrial partner actively manages the firm and is known publicly as a partner, while a silent partner only provides capital and does not participate in management.

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    6 views1 page

    AC 42 Unit 1 Pretest 01 27 24 01.27.24

    Uploaded by

    s.hoy.kristykate
    A partnership is a business owned by two or more people that is governed by a written agreement addressing formation, operations, and dissolution. Key differences between a partnership and corporation include that a partnership involves unlimited liability for partners, dissolution occurs upon death or withdrawal of a partner, and formalities like meetings are not required for a partnership. An industrial partner actively manages the firm and is known publicly as a partner, while a silent partner only provides capital and does not participate in management.

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    of 1

    AC 42 PARTNERSHIP AND CORPORATION

    1. A written agreement among the partners which governs the formation,


    operation, and dissolution of the partnership.

    2 – 5. Enumerate the characteristics of a partnership

    6. The main activity of this partnership can be either manufacturing or merchandising.

    7. Modified T or F: A partnership by estoppel is one which failed to comply with one or


    more of the legal requirements for its establishment.

    8. This partner does not participate in the management of the partnership affairs.

    9. Modified T or F: An industrial partner is one who takes active part in the management of
    the firm and is known to the public as a partner in the business.

    10. This resembles sole proprietorships, except that there are two or more owners of the
    business.

    11 – 15. Give (5) key differences that distinguishes a partnership from a corporation.

    UNIT 1 PRETEST JANUARY 27, 2024

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