At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Get detailed answers to your questions from a community of experts dedicated to providing accurate information. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
The characteristic that each partner can be legally required to pay the partnership debts even out of personal assets is referred to as General partnership.
General partnership is a basic form of partnership in which two or more individuals own a company based on an agreement to be partners or co-owners.
Usually, each partner is entitled to receive an equal share of the profits and losses, though the partnership agreement may stipulate unequal roles, shares and liabilities in some cases.
The business is not set up as an independent entity, and therefore its profits are taxed only at the personal income level of the partners. Partnership debts may settled with personal assets if necessary.
To learn more about General partnerships: brainly.com/question/12983082
#SPJ4
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.
