Partnership

3. Agency – The ability of one partner to legally bind the partnership through contracts.
4. – A written or oral contract that sets out the responsibilities of partners.
5. Partnership – A partnership where all partners share equal responsibility, liability, and control.
7. – The degree to which each partner holds a share in the business.
9. Contribution – The money, property, or skills partners provide to start and run the business.
11. Partnership – A partnership where some partners have limited liability and involvement.
12. Making – Process where partners must agree before taking action in the business.
13. Liability – When partners are personally responsible for all the debts of the business.

1. – The act of running and controlling the daily operations of the partnership.
2. – A business owned and managed by two or more people who share profits and liabilities.
6. Entity – A concept that partnerships do not have; the law sees the business and partners as the same.
8. – The financial gain shared between partners after expenses are deducted.
9. – The fact that a partnership usually ends if a partner leaves or dies.
10. – Negative financial outcomes that partners must also share.
14. Strategy – A pre-planned way for a partner to leave the business arrangement.