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1. A partnership is a form of multiple ownership. For legal and tax purposes no entity is recognized.Howdoestheentityconceptrelatestopartnerships.Canentitiesbe partners? 2. Creditors of a partnership may
1. A partnership is a form of multiple ownership. For legal and tax purposes no entity is
recognized.Howdoestheentityconceptrelatestopartnerships.Canentitiesbe
partners?
2. Creditors of a partnership may sue the partnership jointly or severally. What are the
liabilitiesofapartner?Whataretheliabilitiesofthepartnership?Whatdoyou
understand by jointly and severally?
3. What happens if the partner has withdrawn all of the income of the partnership?
4.Can a partner avoid paying income taxes legally by not withdrawing income from the
partnership?
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