Answer :
Professional partnerships are often regulated as limited liability partnerships because they protect all partners (including partners who misbehave) from liability for claims of professional malpractice, the statement is false.
Partnership is a type of business in which there is a formal agreement between two or more people that contains an agreement to become co-owners. Along the way, the parties who become co-owners distribute the responsibilities to each other to be able to run the organization and various income or losses that occur in the business.
The types of partnerships are as follows:
- General Partnership
- Limited Partnership
- Joint Limited Partnership
Before forming a partnership, you need to understand the following basics of a partnership:
- Easy to form a business structure,
- Have minimum reporting requirements,
- Share control over business management,
- Have a legal agreement,
- There is a maximum number of members, and
- Bound partnership continuity.
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