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Andreyy89
3 years ago
5

Which statement best describe charecteristics of a partnership

History
1 answer:
Dmitriy789 [7]3 years ago
4 0

A partnership is an unincorporated association of two or more individuals to carry on a business for profit. Many small businesses, including retail, service, and professional practitioners, are organized as partnerships.  

A partnership agreement may be oral or written. However, to avoid misunderstandings, the partnership agreement should be in writing. The agreement should identify the partners; their respective business‐related duties and responsibilities; how income will be shared; the criteria for additional investments and withdrawals; and the guidelines for adding partners, the withdrawal of a partner, and liquidation of the partnership. For income tax purposes, the partnership files an information return only. Each partner shares in the net income or loss of the partnership and includes this amount on his/her own tax return.

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Explanation:

The economic condition of France became poor due to the foreign wars of Louis XIV, the seven years War of Louis XV and other expensive wars. During the reign period of Louis XVI, the royal treasury became empty as extravagant expenses of his queen Marie Antoinette. To get rid of this condition. Not only were the royal coffers depleted, but two decades of poor harvests, drought, cattle disease and skyrocketing bread prices had kindled unrest among peasants and the urban poor. International Struggle for hegemony and the Empire resource of the state was two of the many things that caused the French Revolution.

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