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In a general partnership, how are decisions typically made?
In a general partnership, how are decisions typically made?
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Practice Questions
1 question
Q1
In a general partnership, how are decisions typically made?
By majority vote of partners
By the partner with the most capital
By a designated managing partner
By consensus of all partners
Show Solution
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In a general partnership, decisions are typically made by majority vote of the partners unless otherwise agreed.
Questions & Step-by-step Solutions
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Q
Q: In a general partnership, how are decisions typically made?
Solution:
In a general partnership, decisions are typically made by majority vote of the partners unless otherwise agreed.
Steps: 4
Show Steps
Step 1: Understand that a general partnership involves two or more people working together.
Step 2: Know that all partners have a say in making decisions for the partnership.
Step 3: Realize that most decisions are made by a majority vote, meaning more than half of the partners must agree.
Step 4: Check if there are any special agreements among the partners that might change how decisions are made.
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