Partnerships in Business Quiz

What is the typical range of owners in a partnership?

• 1 to 10

• 2 to 20

• 5 to 50

• 10 to 100

Which document outlines the rules and obligations in a partnership?

• Articles of Association

• Memorandum of Understanding

• Deed of Partnership

• Certificate of Incorporation

Which of the following is an advantage of a partnership?

• Shared decision-making

• Profits are not shared

• Unlimited liability

• One person makes all decisions

What is a potential disadvantage of a partnership?

• Limited liability

• No need for a deed of partnership

• No shared responsibility for debt

• Conflict among owners

In a partnership, how are the owners taxed?

• Corporate tax

• Sales tax

• Income tax

• Value-added tax