Question Two

i$.$ The members s of a partnership may be classified based on the roles they play.

Explain the following classification :

a$.$ General Partner $(5$ marks$)$

b$.$ Silent Partner $(5$ marks $)$

c$.$ Limited Partner. $(5$ marks $)$

ii$.$ State two advantages and two disadvantages of a partnership when compared to a sole

trader enterprise $(4$ marks $)$

iii. State two advantages and two disadvantages of a partnership when compared to a

company $(4$ marks $)$

iv$.$ State and explain the legal documents that are required to regulate the affairs of a

partnership $(10$ marks $)$