A Partnership (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
How many people can own a partnership?
How many people can own a partnership?
2 to 20 people
Which office must partnerships register with?
Which office must partnerships register with?
Companies Registration Office (CRO)
What form is required to register a partnership?
What form is required to register a partnership?
Form LP1
What type of liability do partners have?
What type of liability do partners have?
Unlimited liability
What happens to a partnership if a partner dies?
What happens to a partnership if a partner dies?
It is dissolved
How are partnership accounts treated compared to corporations?
How are partnership accounts treated compared to corporations?
They can be kept confidential
Which professions commonly use partnerships?
Which professions commonly use partnerships?
Solicitors and accountants
Why is financing easier for partnerships?
Why is financing easier for partnerships?
Shared liability and combined assets
What are the sources of partnership finance?
What are the sources of partnership finance?
Partner contributions and profits
How does profit sharing affect partners compared to sole traders?
How does profit sharing affect partners compared to sole traders?
Reduces individual earnings