Question

1. What percentage of all businesses are partnerships?

Answer 1

1.)The percentage of every business that is a partnership is only 7%. Many people prefer to not have partners in their business because of problems it can cause if one can't afford the business anymore. 

2.) One major advantage of a business that is a partnership rather than a sole proprietorship is that the responsibility for the business is shared. This way one person does not have everything put on them and they won't have so much stress. 

3.) The difference between a limited partnership and a limited liability partnership is that when they are in a limited partnership, all partners are limited from liability in some situations. 

4.) An asset in a company is the money and other valuables. An example is a diamond store, the assets would be all the inventory of gems and all the money they have. 

5.) A general partnership is organized in a way that every partner shares equally in bother the responsibility and the liability. 

Answer 2

1. The 7 percent of all businesses are partnership.

2. The advantage of the partnership over sole proprietorship is that the responsibility for the business is shared.

3. The difference between a limited partnership and a limited liability partnership is that in case of In a limited liability partnership, all partners are limited from liability in some situations.

4. The assets are money and other valuables.

5. A general partnership is organized when every partner shares equally in both responsibility and liability.

Further Explanation:

1. The reason for having seven per cent of all business as partnership are:

• The business is easy to start  and costs of starting is low

• The partners have more capital available with them to run the business.

• There are limited rules and regulation that are applicable  on the business

Therefore, the 7 percent of all businesses are partnership.

2. The advantages of the partnership over sole proprietorship are:

• The partnership has more capital than sole proprietorship.

• The risk is shared between the partners in case partnership but sole proprietor bears unlimited risk.

• The partner shares the responsibility of running the business while one person manages the firm in case of sole proprietorship.

Therefore, the advantage of the partnership over sole proprietorship is that the responsibility for the business is shared .

3.  Difference between limited partnership and limited liability partnership:

In case of limited partnership, the partners have unlimited liability for the firms loses and debts but in case of limited liability partnership, the liability of the partner is limited to the amount they have undertaken to contribute.

The difference between a limited partnership and a limited liability partnership is that in case of a limited liability partnership, all partners are limited from liability in some situations.

4. Asset: It refers to the resources owned by the company and can be converted into cash. It can be tangible or intangible. The examples of assets are cash, goodwill, plant and machinery, building and stock.

Therefore, the assets are money and other valuables.

5. General partnership: It is a form of business arrangement in which more than one individual agrees to share profits, assets, legal and financial liabilities of a co-owned business.

     

Therefore, a general partnership is organized when every partner shares equally in both responsibility and liability.

Learn more:

1. Learn more about the business out of necessity

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2. Learn more about the organizational structural  

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3. Learn more about the type of strategy  

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Answer details:

Grade: Middle School

Subject: Business Studies

Chapter: Partnership

Keywords: Percentage, of all businesses, partnerships, advantage, partnership, sole proprietorship, limited partnership, and a limited, liability, partnership, What are assets, general partnership, organized, partnership.