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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 What happens if the partner has withdrawn all of the income of the partnership?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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