Get premium membership and access questions with answers, video lessons as well as revision papers.
a) This is a relationship between persons who engage in a business with an aim of making profits/ an association of two or more persons who run a business as co-owners. The owners are called Partners.
It is owned by a minimum of 2 and a maximum of 20 except for partnership who provide professional services e.g medicine and law which have a maximum of 50 persons.
b) Characteristics of partnership
1.Capital is contributed by the partners themselves.
2.Partnership has limited life that is it may end anytime because of the death, bankruptcy or withdrawal of partners.
3.Each partner acts as an agent of the firm with authority to enter into contracts.
PaThis is a relationship between persons who engage in a business with an aim of making profits/ an association of two or more persons who run a business as co-owners. The owners are called Partners.
It is owned by a minimum of 2 and a maximum of 20 except for partnership who provide professional services e.g medicine and law which have a maximum of 50 persons.
Characteristics of partnership
Capital is contributed by the partners themselves.
Partnership has limited life that is it may end anytime because of the death, bankruptcy or withdrawal of partners.
Each partner acts as an agent of the firm with authority to enter into contracts.
Partners are co owners of a business, having an interest or claim in the business.
Responsibility, profit and losses are shared on an agreed basis.
All partners have equal right to participate in the management of the business. This right arises from the interest or claim of the partner as a co owner of the business.
4.Partners are co owners of a business, having an interest or claim in the business.
5.Responsibility, profit and losses are shared on an agreed basis.
6.All partners have equal right to participate in the management of the business. This right arises from the interest or claim of the partner as a co owner of the business.
Moraa orina answered the question on April 29, 2018 at 07:35
- (a)Define sole proprietorship (b)state the features of sole proprietorship (c)Explain the formation of sole proprietorship (d)state the sources of capital of sole proprietorship (d)Explain the management of sole proprietorship(Solved)
a)Define sole proprietorship
b)State the features of sole proprietorship
c)Explain the formation of sole proprietorship
d)State the sources of capital of sole proprietorship
e)Explain the management of sole proprietorship
Date posted: April 29, 2018. Answers (1)
- Define a business unit(Solved)
Define a business unit
Date posted: April 29, 2018. Answers (1)
- Give five differences between public corporation and public limited company(Solved)
Give five differences between public corporation and public limited company.
Date posted: April 28, 2018. Answers (1)
- Outline ways in which peace in a country can enhance entrepreneurial development(Solved)
Outline ways in which peace in a country can enhance entrepreneurial development.
Date posted: April 28, 2018. Answers (1)
- Outline the differences between a bondholder and shareholder(Solved)
Outline the differences between a bondholder and shareholder.
Date posted: April 28, 2018. Answers (1)
- Outline five ways in which business is useful to community(Solved)
Outline five ways in which business is useful to community.
Date posted: April 28, 2018. Answers (1)
- Explain five reasons why consumers need protection against malpractices by some traders(Solved)
Explain five reasons why consumers need protection against malpractices by some traders.
Date posted: April 28, 2018. Answers (1)
- Explain the four banking systems(Solved)
Explain the four banking systems.
Date posted: April 27, 2018. Answers (1)
- State the functions of a risk manager(Solved)
State the functions of a risk manager.
Date posted: April 27, 2018. Answers (1)
- State the importance of risk management(Solved)
State the importance of risk management
Date posted: April 27, 2018. Answers (1)
- Explain four types of hazards(Solved)
Explain four types of hazards
Date posted: April 27, 2018. Answers (1)
- Explain the categories of risks(Solved)
Explain the categories of risks
Date posted: April 27, 2018. Answers (1)
- Differentiate between risk and uncertainty(Solved)
Differentiate between risk and uncertainty
Date posted: April 27, 2018. Answers (1)
- State the contents of a risk register(Solved)
State the contents of a risk register
Date posted: April 27, 2018. Answers (1)
- Explain the process of preparing the HAZOP study.(Solved)
Explain the process of preparing the HAZOP study.
Date posted: April 27, 2018. Answers (1)
- Name the factors leading to the success or the failure of the HAZOP.(Solved)
Name the factors leading to the success or the failure of the HAZOP.
Date posted: April 27, 2018. Answers (1)
- Describe the different information gathering techniques of identifying risks.(Solved)
Describe the different information gathering techniques of identifying risks.
Date posted: April 27, 2018. Answers (1)
- Discuss the internal risk identification checklist.(Solved)
Discuss the internal risk identification checklist.
Date posted: April 27, 2018. Answers (1)
- Describe the external risk identification checklist.(Solved)
Describe the external risk identification checklist.
Date posted: April 27, 2018. Answers (1)
- Describe how one should conduct an inspection(Solved)
Describe how one should conduct an inspection
Date posted: April 27, 2018. Answers (1)