A Partnership (Leaving Cert Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Number of people who own a partnership
Number of people who own a partnership
Between 2 and 20 people
Where to register a partnership
Where to register a partnership
Companies Registration Office (CRO)
Form to register a partnership
Form to register a partnership
Form LP1
Type of liability in a partnership
Type of liability in a partnership
Unlimited liability
Document outlining partner rights & obligations
Document outlining partner rights & obligations
Deed of partnership
Can partnerships keep accounts confidential?
Can partnerships keep accounts confidential?
Yes, they can keep accounts confidential
Why is financing easier for partnerships?
Why is financing easier for partnerships?
Shared liability and combined assets
What assets can cover partnership debts?
What assets can cover partnership debts?
Personal assets of partners
What happens if a partner dies?
What happens if a partner dies?
Partnership is dissolved
Must profits be shared in a partnership?
Must profits be shared in a partnership?
Yes, shared amongst partners