About This Chapter
Partnerships as a Business Entity - Chapter Summary
Follow along with our expert business instructors to review business entity partnerships. As you progress through this series of engaging and simple lessons, you'll become familiar with different partnership types and agreements, as well as partnership dissolution and termination concepts. Each lesson comes with a short quiz to help you check your understanding of business partnership terminology. The chapter is accessible at any time that fits your schedule, and you can use any Internet-connected devices to study. When you're finished with the chapter, you should be able to:
- Explain the basics of various partnership types
- Assess the advantages of general partnerships
- Compare the pros and cons of limited and limited liability partnerships
- Recognize examples of limited liability companies
- Outline the tax structures and liabilities of different business partnerships
- Understand how business partnership agreements are created
- Describe the dissolution and termination of a partnership
1. The Basics of Partnerships: Types & Examples
Partnerships are a common way to organize a business in the United States. In this lesson, you'll learn about different types of business partnerships and their respective advantages and disadvantages. A short quiz follows the lesson.
2. General Partnership: Definition, Advantages & Examples
Many businesses are structured as general partnerships. General partners share both the benefits and obligations of the business. This lesson explains general partnerships, including the advantages and the liabilities.
3. What Is a Limited Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are several different types of partnerships. This lesson explains the advantages and disadvantages of limited partnerships.
4. What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are actually several different types of partnerships, including limited liability partnerships. This lesson explains the advantages and disadvantages of limited liability partnerships.
5. What Is a Limited Liability Company? - Definition, Benefits & Examples
A limited liability company is a popular business structure that provides the benefits of both a partnership and a corporation. This lesson explains the benefits of limited liability companies.
6. Tax Structure and Liability of Business Partnerships
Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.
7. Creating a Business Partnership Agreement
Many businesses are partnerships. These are businesses owned by two or more people. This lesson explains how partnerships are created and the use of partnership agreements.
8. Dissolution and Termination of a Partnership
A partnership is an unincorporated business owned by two or more people. When the partners decide to no longer do business together, they must dissolve, wind up and terminate the partnership. This lesson explains dissolution and winding up.
Earning College Credit
Did you know… We have over 95 college courses that prepare you to earn credit by exam that is accepted by over 2,000 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Accounting 304: Advanced Accounting II course