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What is the role of a 'managing partner' in a partnership? (2021)
What is the role of a 'managing partner' in a partnership? (2021)
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Practice Questions
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Q1
What is the role of a 'managing partner' in a partnership? (2021)
To oversee daily operations and make decisions
To provide capital without involvement in management
To represent the partnership in legal matters
To handle financial accounts only
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The managing partner is responsible for overseeing the daily operations and making key decisions for the partnership.
Questions & Step-by-step Solutions
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Q
Q: What is the role of a 'managing partner' in a partnership? (2021)
Solution:
The managing partner is responsible for overseeing the daily operations and making key decisions for the partnership.
Steps: 5
Show Steps
Step 1: Understand that a partnership is a business structure where two or more people share ownership.
Step 2: Identify the managing partner as one of the partners who takes on a leadership role.
Step 3: Recognize that the managing partner oversees daily operations, which means they make sure everything runs smoothly.
Step 4: Learn that the managing partner makes key decisions, such as setting goals, managing finances, and guiding the team.
Step 5: Realize that the managing partner communicates with other partners and stakeholders to keep everyone informed.
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