Question

Functions of partnership to business

Answer 1

Answer:

The key features of a partnership are (subject to any variations set out in a partnership agreement between the partners): Share of risk and rewards – all individuals share the risks and rewards of the business. Share of profits – each partner is entitled to share the net profits of the business.

Answer 2

Decision making – partners have the right to make the decisions that affect the business or the business assets. Share of ownership – all individuals share the ownership of the assets of the business, although they may have agreed that the firm will use an asset which belongs to one of the partners individually.

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