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Describe What Is Meant by a "General Partnership" and a "Limited

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Essay

Describe what is meant by a "general partnership" and a "limited partnership." Describe the major difference between the two.


Definitions:

Relevant Cost

A relevant cost is a cost that will be affected by a decision in the future and is important in business decision-making processes.

Depreciation Charge

An accounting expense recorded to allocate the cost of a tangible asset over its useful life.

Book Value

The value of an asset according to its balance sheet account balance, often different from its market value.

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