Granval thinks a partnership will reduce his personal financial responsibility. this is true only if Granval is not a general partner.
General partnership is a type of business agreement which is made between two or more individuals who agree to share all the assets, profits as well as liabilities of the business.
Because of the simplicity and tax benefits in the general partnership, a general partnership is one of the most common legal business entities.
However, it's very important to consider that each partner is personally responsible for the business, including debts and lawsuits, and is held liable for the actions of their partners.
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Answer:
Total weekly pay of August = = $ 1468.75
Explanation:
Annual salary = $30,000
Monthly Salary = $ 30,000/12= $ 2500
Salary for 40 hours * ( 4 weeks) = 160 hours = $ 2500
Salary for 1 hour= $ 2500/160= $ 15.625= $ 15.63
He worked additional 4 hours so pay for four hours is = 4 * 15.63= $ 62.5
But as he is a non exempt employee he is entitled to get 1.5 times higher than normal pay for over time so
he will be paid $ 62.5 * 1.5= $ 93.75 for over time
Commission on Sales = 3 % of $25,000
= $ 750
Weekly pay= $ 2500/4= $ 625
Total weekly pay of August = Weekly pay + Commission + Overtime
= $ 625 + $ 750 + $ 93.75
= $ 1468.75
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