Question

1. What are the advantages and disadvantages associated with the sole proprietorship? How do you create a general partnership, limited partnership and a limited liability partnership? What are the rights and duties of partners in a general partnership?What is meant by joint and several liability? What advantages do LPs and LLPs have that general partnerships do not?

Answer 1

Le disadiantages of Sole Freepriedorchips : - Muneus are fully liabele_ges, vit the bresine - kedtur any loss. Because he tufais decisiin - and he is accountable den it 2 With OLENCES chach Arlesineas continuity Comu. also durch zleccause he only manage daile process and day to day tránsaction. 2 se employment anes curé apply to sole proprietorships : 4) Hole Propuetarskips, buisnedsace Laya Smaill many financial institutions deest sunt to give capital to this type of Bestizids So they find it difficult to raise Capital: - What is meant by joint auch Sevral Liability ? Toint and several liability means when multiple parties can be held lable far an set and responsible for the act --The parties would be required te pay the damage, whick Corile le divided Linto 12ti multiple sporties, - JI ag_What are the rights and duties do partners Lun_general partnership ? . There arce Vouienes right and duties - spartners house to perform in general Steamed with per tenership Ozce_es follows: Started with ten amiscariner

a) The partners shoudel distribut petits too 1 all the partners equally or in the Capital - contributiek reatio ? 1 b/ They should take consent from all K partnere Reefore taking aner | Tanauants_cefore taking any detscom Poe The 10 They should sceimbierse any partners clebt 06 any for financial obligations d) they should not diferit partnership money to theve oben account for personal usé e All partners should cubicle: 'Ky wiles and regulations of a country and they should | not involved in feeadulent activities Scanned with CamScanner

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Dette Libility n a s Tellow Cutaish-Stops ziehich are BR How do we Oerte Jeneral partnezohips. ümiteel. gavetzerskipt_limited u portwespe 7 To create general pietrezship uw neech nostre hour to Chasse the name to 20 This is the most have to create pare nerzahip agreinint una The portners have you Seewz Emploijce Jelintification Mimidiek - 4. They tacizce to open-banepe boccount 10 Thiey house to obtain permikor licenses - They have to pay ta's d fee's han Jo creste Limited liability Pieredzerskipa figst they have to sptain sigital Signature 2. Wrtificate. GDIN) 2 Gary have to apply for D'Ince 3 They have to file for Reservation al 14. They have to incorporation of klope 5) They hinue to file foey holl. Aggreement - Praproach kap medesisation of Thu TE Scanned with CamScanner

stup_are cus fellozes. en your state lo create Limitech partnerstrip_are u Lo create limited Partnership pardeneza partners house to register w Lee and & They have to pay a filing fee - Qggrecement._ es rey neech to prumerze Licenses and permit Ten that agreement it will mention amount of contuilution made by each- partners in partnership ned with CamScanner