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Ch 2: Partnerships as a Business Entity

About This Chapter

Take a look at this self-paced chapter to review the different types of business partnerships. These mobile-friendly lessons and quizzes are great options for anyone who needs to prepare for an exam or strengthen their basic business knowledge.

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

8 Lessons in Chapter 2: Partnerships as a Business Entity
The Basics of Partnerships: Types & Examples

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.

General Partnership: Definition, Advantages & Examples

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.

What Is a Limited Partnership? - Definition, Advantages & Disadvantages

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.

What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages

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.

What Is a Limited Liability Company? - Definition, Benefits & Examples

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.

Tax Structure and Liability of Business Partnerships

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.

Creating a Business Partnership Agreement

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.

Dissolution and Termination of a Partnership

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.

Final Exam
Accounting 304: Advanced Accounting II
This course currently has no final exam ready
Chapter Exam

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