ࡱ> TVS)` Wbjbj .8JJJJ \$\$\$\$,$<7$$$$$+++7777777$8h:p<7+)+++<7JJ$$Q7k,k,k,+J$$7k,+7k,k,^4h5$$ ^f-\$7+47g7074];O,]; 5];5|++k,+++++<7<7O,+++7++++$8$$8$4"JJJJJJ Economics Chapter 8 Section 2 Partnerships P.190-193 Section Focus: ___________________________________________________________ ________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________ Vocabulary: Partnerships _________________________________________________ ____________________________________________________________ ____________________________________________________________ General Partnership ________________________________________ ____________________________________________________________ ____________________________________________________________ Limited Partnership ___________________________________________ ____________________________________________________________ ____________________________________________________________ Limited Liability Partnership ____________________________________ ____________________________________________________________ ____________________________________________________________ Articles of Partnership _________________________________________ ____________________________________________________________ ____________________________________________________________ Uniform Partnership Act _______________________________________ ____________________________________________________________ ____________________________________________________________ Assets ______________________________________________________ ____________________________________________________________ ____________________________________________________________ Notes As you read Section 2, supply the requested information in the spaces below. 1. Typical examples of partnerships: ____________________________________ ____________________________________ ____________________________________ 2. What limited partners do and do not ____________________________________ ____________________________________ ____________________________________ 3. How limited liability partnerships ____________________________________ Compare with general partnerships ____________________________________ ____________________________________ 4. Items often covered under articles of ____________________________________ partnerships ____________________________________ ____________________________________ 5. Capital and taxation advantages of ____________________________________ partnerships ____________________________________ ____________________________________ 6. Liability disadvantages of partnerships ____________________________________ ____________________________________ ____________________________________ Complete each sentence by writing the correct term in the blank. 7. Only one partner is required to be a general partner in a ________________________. 8. Money and other valuables make up a firms ________________________________. 9. Ownership interests and management responsibilities are legislated under the ________________. Concept Map      Quiz Column I Column II ___ 1. a business in which all partners share in both a. limited partnership responsibility and liability b. limited liability partnership ___ 2. a business in which all partners are limited from c. general partnership personal liability in certain situations d. Uniform Partnership Act ___ 3. a business in which only one person has unlimited e. articles of partnership personal liability for the businesss actions ___ 4. a state law that establishes rules for partnerships ___ 5. a legal agreement that sets out each partners rights and responsibilities in a particular partnership Circle the letter of the correct answer. 6. What percentage of all businesses are partnerships? a. 2 percent c. 15 percent b. 7 percent d. 25 percent 7. What is a major advantage of a business that is a partnership rather than a sole proprietorship? a. The responsibility for the business is shared. b. The business is easy to start up. c. The partners are not responsible for the business debts. d. The business is easy to sell. 8. What is the difference between a limited partnership and a limited liability partnership? a. In a limited partnership, every partner is responsible for the companys actions. b. In a limited partnership, partners cannot lose the money they have invested. c. In a limited liability partnership, only one partner manages the business. d. In a limited liability partnership, all partners are limited from liability in some situations. 9. What are assets? a. suits against a partnership c. money and other valuables b. absolute control over a company d. taxes that apply to a partnership 10. How is a general partnership organized? a. Every partner shares equally in both responsibility and liability. b. The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership. c. No partner is responsible for the debts of the partnership beyond his or her investment. d. 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