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Because of your background as a student studying tax accounting, two of your long-time friends recently approached you for guidance concerning a new business venture
Because of your background as a student studying tax accounting, two of your long-time friends recently approached you for guidance concerning a new business venture they plan to form. They expect the business to generate a loss of approximately $50,000 during its first year of operations, and profits close to $100,000 annually thereafter. Both individuals will be active participants in the business.
They want to know how partership will affect advantage and disadvantage.
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