1. Define partnership.
2. Discuss the phrase "exercise of profession"
3. What are the essential characteristics of a partnership?
4. What is meant by mutual agency and unlimited liability?
5. Differentiate a partnership from corporation.
6. Identify 3 advantages of partnership in comparison with a sole proprietorship.
7. Identify 3 advantages of a partnership in comparison with a corporation.
8. Identify 3 disadvantages of a partnership form of business organizations.
9. Differentiate a general from limited partner.
10. Differentiate a capitalist from an industrial partner.
11. Differentiate permanent withdrawals from temporary withdrawals.
12. What is the proper accounting treatment of loans receivable from partners and loans payable to partners?
13. What is meant by fair market value of an asset?
14. How do dormant, secret and silent partners differ from one another?
15. Discuss the concept of a limited liability company.

It would be much appreciated if you manage to explain it all. Thank you so much in advance! <3