What is the purpose of a partnership deed?

6.32 Partnership Deed and Business Structures Quiz

Quiz
•
Financial Education
•
12th Grade
•
Easy
Deeky Mvula
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To maintain the financial records of the partnership
To define the management structure of the partnership
To specify the official name under which the partnership will operate
To outline the rights, responsibilities, and expectations of each partner
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which clause in a partnership deed addresses the procedures for partners to leave the partnership?
Dispute Resolution
Accounts and Signatories
Retirement
Nature of Business
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key advantage of having a partnership deed?
Reduced Conflict
Increased Competition
Lack of Transparency
Limited Communication
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between a partnership and a company in terms of creation?
Partnership requires incorporation under company law
Partnership is primarily for profit-making
Company is created through an agreement between individuals
Company may have broader objectives
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which structure allows for shares to be freely transferable?
Partnership
Company
Sole Proprietorship
Limited Liability Partnership
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a partnership, who are mutual agents with joint and several liability?
Shareholders
Partners
Employees
Directors
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to a partnership in case of death or bankruptcy?
May dissolve the partnership
Continues despite changes
Becomes a company
No impact on the partnership
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