1.let’s consider the differences between joint ventures and partnerships.  Joint ventures and partnerships are discussed briefly in Chapter 41.  Each form of business operation offers (and carries) certain burdens and benefits.  Assuming that you could select only between entering a joint venture or a partnership, what factors might influence your choice?  about 100 words

2.You know that a partnership may be general or limited and is a voluntary association of two or more persons to carry on a co-owner of a business for profit.  In a general partnership, the parties contribute capital or services or both.

For income and tax purposes, a partnership is simply an aggregate of the partners and the income and losses flow through to the partners.  Partners’ rights are determined by agreement, or, if they have not provided for such, by the Uniform Partnership Act or the later Revised Uniform Partnership Act.

There are various classifications of partners within a partnership including general partners, nominal partners, silent partners, secret partners, and dormant partners.  Any person is competent to enter into contracts maybe a partner.

The creation of a partnership may be by agreement or implied, may arise by estoppel or other means.  An agreement should carefully spell out all terms and rights of the parties.  However, often individuals create a partnership and partnership liability by their conduct and its appearance to third parties.  Several factors can influence the determination of whether a partnership exists but, the sharing of profits creates a prima facie presumption that a partnership exists.

If you decided to enter into a partnership for business purposes, what factors would you need to consider?  What steps could you take to ensure that your personal assets are not subject to liability for partnership debts? about 100 words8 attachmentsSlide 1 of 8

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Unit 4 Business Organizations Eight Chapters in Three Weeks! What a ride!?!? The Chapters… 41. Types of Business Organizations 42. Partnerships 43. LPs, LLCs, and LLPs 44. Corporation Formation 45. Shareholder Rights in Corporations 46. Securities Regulation 47. Accountants’ Liability and Malpractice 48. Management of Corporations A quick overview of each chapter in Unit 4… And then let’s consider our schedule… 41. Types of Business Organizations An overview chapter The principal forms of business organizations: Individual proprietorships Partnerships, LLPs, & LLCs Corporations The specialized forms of business organizations: Joint ventures Unincorporated associations Cooperatives The franchise business format: Types of franchises, franchise agreements, and liability of franchisors 42. Partnerships How partnership is

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