Question

part 2: real - world application fill in the chart below with possible examples of each type of partnership. be creative! partnership type example business why it fits this type general partnership limited partnership limited liability partnership joint venture

Explanation:

1. General Partnership: A local law - firm where two lawyers start a practice together. They share all aspects of the business including profits, losses, and management responsibilities equally. In a general partnership, all partners have unlimited liability and are actively involved in the day - to - day operations.
2. Limited Partnership: A real - estate investment group where some investors are limited partners. They contribute capital but have no say in the day - to - day management of the properties. General partners manage the properties and have unlimited liability, while limited partners' liability is limited to their investment amount.
3. Limited Liability Partnership (LLP): A consulting firm. Partners in an LLP have limited liability for the debts and obligations of the partnership, especially for the actions of other partners. They can operate the business while protecting their personal assets from the partnership's liabilities arising from the actions of others.
4. Joint Venture: Two technology companies coming together to develop a new software product. They pool their resources, expertise, and capital for a specific project. Once the product is developed and either sold or launched, the joint venture may dissolve. Each company is responsible for its own pre - existing liabilities, and they share the risks and rewards of the new project based on their agreed - upon terms.

Answer:

Partnership Type	Example Business	Why it fits this type
Limited Partnership	A real - estate investment group	Some investors are limited partners with no management role and limited liability
Limited Liability Partnership	A consulting firm	Partners have limited liability for others' actions in the partnership
Joint Venture	Two technology companies developing a new software product	Pool resources for a specific project, share risks and rewards