according to j.l.henson
2006-11-30 20:02:16 · 3 answers · asked by manish n 1 in Education & Reference ➔ Homework Help
A partnership is a group of people who merely decide to go into business together. Their liability is based on their investment many times. They don't necessarily use the corporate commission to do this. In a partnership, partners are also owners and managers of the partnership. They can be held personally liable in many situations, however some prefer this to a corporate because it is so easy to form.
The bare bones is that these two are different types of groups of people that are formed to conduct business.
Please research the website of the corporate commission in your state for a more detailed analysis!
2006-11-30 22:47:25 · answer #1 · answered by mirchi girl 3 · 0⤊ 0⤋
Hi,
partnership is an association of 2 or more persons with an agreement to share profits and losses equally and the liability is also unlimited.
Unlimited liability means at the time of winding up even the last penny is taken out of pocket.
bye
2006-12-02 13:26:27 · answer #2 · answered by Aakash 2 · 0⤊ 0⤋
agrement between perons to share profit and loss
2006-12-01 04:22:21 · answer #3 · answered by guy 2 · 0⤊ 0⤋