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The capital for a partnership is provided by the partners who are liable for the total debts of the firms and who share the profits and losses of the business concern according to the terms of the partnership agreement. Partnerships (other than banking companies) are generally limited in size to twenty partners.
Articles of partnership is a voluntary contract between/among two or more persons to place their capital, labor, and skills into a business, with the understanding that there will be a sharing of the profits and losses between/among partners. Outside of North America, it is normally referred to simply as a partnership agreement. [1]
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
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TAP Go is TAP DMV's official over-the-top (OTT) app and browser-based subscription service which allows users to stream Live TV Channels and Video On Demand content over the internet. It contains livestreaming of the company's cable channels and selected live sporting events, restricted to Philippine territory only. In November 2020, TAP Go ...
The partnership agreement may specify that partners should be compensated for services they provide to the partnership and for capital invested by partners. For example, one partner contributed more of the assets, and works full-time in the partnership, while the other partner contributed a smaller amount of assets and does not provide as much ...