There are two basic types of partnerships- general partnerships and specific partnerships.
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Q4: Generally, the law recognizes a partnership as
Q5: In a sole proprietorship, the proprietor receives
Q6: Anyone who does business without creating a
Q7: A general partnership is a pass-through entity
Q8: The sharing of profits from ownership of
Q12: Unanimous consent of the partners is required
Q14: It is often more difficult and costly
Q15: The proprietor of a sole proprietorship does
Q16: The proprietor pays only personal income taxes
Q18: In many instances, agency law governs the
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