Ch+8.2

Ch 8.2 notes and questions

__Types of partnership__s __Advantages of partnerships__ __disadvantages of partnerships__
 * general partnership, partners in a general partnership share equally in both responsibility and liability
 * limited partnership is only one partner is required to be a general partner
 * limited liability partnership is a newer type of partnership recognized by many states
 * articles of partnerships this is a legal document spells out each partners rights and responsibilities
 * uniform partnership act is a uniform state law adopted by most states to establish rules for partnerships
 * many disadvantages of sole proprietorship are present in partnerships, limited liability partnerships have fewer disadvantages than partner ships with general partners

questions 1-4

__**List of all pros and cons of a Partnership**__

Advantages of Partnerships Disadvantages of Partnerships
 * are easy and inexpensive to start up
 * are subject to little government regulation
 * government doesn't dictate how their business conducts
 * partners bring different skills and ideas to the table
 * not subject to any special taxes
 * at least one partner has unlimited liability
 * if one partner's actions cause the firm's losses then all of the general partners suffer
 * friction between partners often arises and can be difficult to reslove