For your fourth assignment we will be covering the Partnership chapter. Partnerships are very similar to...

For your fourth assignment we will be covering the Partnership chapter. Partnerships are very similar to sole proprietorships in many ways but it adds the old mantra of "two heads are better than one" to the mix. After reading the chapter please complete the following questions.

1. What are some examples of industries that the business entities still commonly setup in the partnership business form?

2. Why would a group of people organize their business as a partnership?

3. What is the difference between the entity theory and aggregate theory of partnerships?

Expert Solution

1. What are some examples of industries that the business entities still commonly setup in the partnership business form?

Ans: Partnership is very simple form of business to operate. However in partnership form the partners are liable for business debts. Some industries where still partnership form of business is preferred includes:

Law Firms
Audit Firms
Management Consultants

2. Why would a group of people organize their business as a partnership?

The reasons for organizing business as partnership are :

There is not too much incorporation formalities. Partnership is easy to set up
There is no taxation on partnership business. The partners are individually taxed for profit from business
There are some options available in partnership such as Genera Partnership, Limited Partnership and Joint Ventures
Each partner acts on behalf of other partner
Winding up the partnership form of business is also simple.

3. What is the difference between the entity theory and aggregate theory of partnerships?

The entity theory of partnership treats the Partnership firm as one and held the Partnership firm liable for its action. On the other hand aggregate theory considers the partnership as association of two or person to carry own a business with an intent to make profit.

The Entity theory separates the partners as individuals from the partnership firm. However the aggregate theory states that the Partners are jointly and severally liable for their actions.

ekkarill92 answered 8 months ago

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