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In a partnership, what is the main disadvantage compared to a corporation?
In a partnership, what is the main disadvantage compared to a corporation?
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Practice Questions
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Q1
In a partnership, what is the main disadvantage compared to a corporation?
Limited lifespan
Higher taxes
More regulatory requirements
Limited liability
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Partnerships typically have a limited lifespan, as they can dissolve upon the departure of a partner.
Questions & Step-by-step Solutions
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Q
Q: In a partnership, what is the main disadvantage compared to a corporation?
Solution:
Partnerships typically have a limited lifespan, as they can dissolve upon the departure of a partner.
Steps: 5
Show Steps
Step 1: Understand what a partnership is. A partnership is a business structure where two or more people share ownership and responsibilities.
Step 2: Know what a corporation is. A corporation is a separate legal entity that can own property, enter contracts, and is distinct from its owners.
Step 3: Identify the lifespan of a partnership. Partnerships can end if one partner leaves, dies, or decides to quit.
Step 4: Compare this to a corporation. Corporations can continue to exist even if owners change or leave, as they are separate from the individuals.
Step 5: Conclude that the main disadvantage of a partnership is its limited lifespan compared to a corporation.
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