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Title: Business Structure, Liability, and Partnership
Agreement 1. Develop a hypothetical business you would consider starting with a friend or relative.
a. Imagine that the friend or relative has sufficient funds to start the business and that you will be doing most of the work (for example, if you were starting a mobile car wash business, you would be procuring the customers and washing the cars).
b. Imagine also that you will be performing all the bookkeeping functions for the business.
2. In a written report, prepare the following: a. A report to your partner, containing a detailed description of the differences regarding liability with respect to a sole proprietorship, a general partnership, a limited partnership, and a corporation. b. A completed partnership agreement, including the following elements ready for signatures using the partnership agreement included.
Description/Requirements of Project Evaluation Criteria download the format of a partnership agreement.
Detailed description of the business
Names of the partner
Address of the partnership and the partners
Roles of each of the partners as limited partners, being as complete and detailed as possible (you can also be as imaginative as you need to be with titles and responsibilities)
List of assets provided by each partner
Division of income
Division of partnership liabilities (debts)
Method by which the partnership may be dissolved, including what happens in the event of filing for bankruptcy
Submit your responses in a minimum of a three page, double-spaced Microsoft Word document.
Please make sure you include the title page and the reference page as part of your submission. Cite sources in the APA format.
Adhere to Standard English grammar, spelling, and punctuation requirements.
Use 12-point Arial font
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