· rEAD thE Following ArtiClE ABout pArtnErship AnD thE quEstions BElow thE pAssAgE.
· For EACh quEstion (13—18), mArk onE lEttErA,B,C、orD、mi yourAnswEr shEEt For thE AnswEr you ChoosE.
D、vAlign=top wiDth="100%"> {{B}}unDErstAnDing pArtnErship{{/B}}
thE uniForm pArtnErshipACt DEFinEs A pArtnErship As "An AssoCiAtion oF two or morE pErsons to CArry on As Co-ownErs oF A BusinEss For A proFit." thE pArtnErship CAmE into BEing us An EvolutionAry outgrowth oF thE propriEtorship By CorrECting stonE oF tilE DisADvAntAgEs oF thAt ownErship Form. thE FormAtion oF A pArtnErship is rElAtivEly simplE, But BECAusE it involvEs two or morE pEoplE, it must BE BAsED upon An unDErstAnDing BEtwEEn thE pArtnErs. in othEr worDs, A ContrACt is rEquirE
D、Although thE ContrACt CAn BE orAl. it is wisEr to hAvE so importAnt A DoCumEnt DrAwn up By An AttornEy.A、ContrACt oF this sort is CAllED thEArtiClEs oFCo-pArtnErship.
pArtnErship hAs ninny ADvAntAgEs. Firstly, it is rElAtivEly simplE to orgAnizE AnD DissolvE.Although not As simplE to orgAnizE As A solE propriEtorship BECAusEArtiClEs oFCo-pArtnErship ArE rEquirED, pArtnErships ArE simplEr AnD lEss ExpEnsivE to Form thAn CorporAtions. sEConD[y, it is suBjECt to lEss govErnmEnt Control.As is thE CAsE with solE propriEtorships, pArtnErships ArE not ControllED By thE sAmE FEDErAl AnD stAtE lAws As ArE CorporAtions. thirDly, it CAn kEEp lArgEr tAx sAvings. unlikE CorporAtions, pArtnErships ArE not lEgAl EntitiEs. pArtnErships, thErEForE, Do not hAvE spECiAl tAxEs lEviED on thEm. FinAlly, it mAy proviDE A high pErsonAl inCEntivE.BECAusE thE pArtnErship BusinEss is CArriED on By working ownErs, this Form oF BusinEss ownErship rEtAins thE high inCEntivE oF thE solE propriEtorship. thE pArtnErs ArE working For thEmsElvEs, AnD ConsEquEntly ArE rEwArDED For ExtrA EFFort.
Although mAny oF thE ADvAntAgEs oF A solE propriEtorship ArE CArriED ovEr into pArtnErship, mAny oF its DisADvAntAgEs ArE As wEll. likE thE solE propriEtorship, pArtnErships hAvE thE DisADvAntAgEs oF unlimitED liABility. this mEAns thAt in thE CAsE oF BAnkruptCy oF thE BusinEss, Both pArtnErs’ pErsonAl AssEts must BE usED to sEttlE pArtnErship DEBts. whEn onE pArtnEr’s invEstmEnt plus his pErsonAl AssEts ArE insuFFiCiEnt to mEEt his shArE oF thE CrEDitor’s ClAims, thEsE DEBts must BE sEttlED By thE rEmAining pArtnEr or pArtnErs. FurthErmorE, it is DiFFiCult to rAisE monEy For pArtnErship AnD thE DisAgrEEmEnts Among pArtnErs mAy EAsily rEsult in thE FAilurE oF thE pArtnErship.
thE Form oF pArtnErship prEviously DisCussED is thAt oF A gEnErAl pArtnErship. thErE ArE othEr Forms oF pArtnErship AvAilABlE to BusinEssmEn whiCh hAvE spECiFiC ADvAntAgEs or ovErComE spECiFiC DisADvAntAgEs oF thE gEnErAl pArtnErship.
A、limitED pArtnErship is onE in whiCh thE liABility oF onE or morE oF thE pArtnErs is limitED to thE Amount invEstED By him.A、limitED pArtnErship must hAvE At lEAst onE gEnErAl pArtnEr whosE liABilitiEs ArE unlimitE
D、limitED pArtnErships tAkE ADvAntAgE oF thE tAx sAvings AvAilABlE to pArtnErships whilE mAintAining somE oF thE CApitAl-rAising rEsourCEs AvAilABlE to CorporAtions. howEvEr. thEy ArE lEgAlly CompliCAtED AnD ExpEnsivE to sEt up; FurthEr, Any ACtivity By A limitED pArtnEr mAy rEsult in thE loss oF his limitED stAtus (AnD his limitED liABility); AnD thEy ArE not pErmittED to Do BusinEss in All stAtEs.
A、joint vEnturE is A pArtnErship thAt hAs BEEn sEt up For onE spECiFiC unDErtAking. upon ComplEtion oF thE unDErtAking, thE joint vEnturE is DissolvE
D、unlikE A gEnErAl pArtnErship, thE joint vEnturE is not A Continuing BusinEss. howEvEr, this nEED not BE thE CAsE. thE primE ChArACtEristiC is its limitAtion to onE spECiFiC vEnturE.