Group 2- BL

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Across
  1. 3. at will partnership in which a partner may withdraw at any time without liability to other partners
  2. 4. agreement explicit statement, orally or in writing, of the terms and conditions agreed to by the partners for running the partnership
  3. 6. partner person who is not a partner but who is held out as such
  4. 10. partner partner whose exposure to liability cannot exceed the amount of capital the partner has invested in the business as long as the partner does not participate in the managerial control of the business
  5. 11. partnership partnership that buys and sells goods and services commercially
  6. 12. partner partner not known to the public but active as a manager
  7. 13. partnership all partners assume full liability for debts of the firm
  8. 15. partner partner known to the public but who takes no active managerial role
  9. 16. step in termination of a partnership that precedes the winding-up process; also, term for divorce or the ending of a marriage in some states
Down
  1. 1. partner partner neither known to the public nor active in management
  2. 2. following the winding-up process, the ending of the legal existence of the partnership
  3. 5. partnership partnership that provides professional and noncommercial assistance or advice
  4. 7. partner assumes full personal liability for debts of the firm
  5. 8. venture partnership formed by two or more persons or firms combining resources and skills for one complex project
  6. 9. partnership partnership consisting of at least one general partner with full personal liability and at least one limited partner
  7. 12. partnership formed by members of a general partnership to undertake a unique venture in the same area of business as the general partnership
  8. 14. period period following dissolution in which the ongoing business of the partnership is concluded, its obligations are satisfied, and each partner’s share is distributed