List the Potential Problems with the Partnership Form of Doing

question 32

Essay

List the potential problems with the partnership form of doing business.

---

Definitions:

Calendar-Year Company

A company that operates its fiscal year in alignment with the calendar year, beginning January 1st and ending December 31st.

Balance Sheet

A document detailing a corporation's assets, debts, and owner's equity at a certain point in time.

Marital Status

A legal or social recognition of a person's relationship status, such as single, married, divorced, or widowed.

Unemployment Tax

Taxes imposed on employers by government agencies to fund unemployment insurance and compensation programs for workers who have lost their jobs.