Review the associated chapter's opening feature involving Chance Claxton and Lynn Julian, and their company, Kids Konserve. Assume that Chance and Lynn, partners in Kids Konserve, decide to expand their business with the help of general partners. Required 1. What details should Chance, Lynn, and their future partners specify in the general partnership agreements? 2. What advantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership? 3. What disadvantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership? Write a memo in Word to Chance and Lynn detailing the above information. You will be graded on how well you address the questions. Addressing the questions involves identifying relevant facts, applying the chapter concepts,, and answering each question completely. Proper APA formatting is expected and required (cited sources, reference page, etc.). Supplement and synthesize your analysis with outsides scholarly sources. For assistance with APA citations, please visit the following links: The American Psychological Association Website: http://www.apastyle.org/ The APA site has numerous links (see ?most popular?), but you may want to view the tutorial if you are completely new to APA: http://www.apastyle.org/learn/tutorials/basics-tutorial.aspx

Review the associated chapter's opening feature involving Chance Claxton and Lynn Julian, and their company, Kids Konserve. Assume that Chance and Lynn, partners in Kids Konserve, decide to expand their business with the help of general partners. Required 1. What details should Chance, Lynn, and their future partners specify in the general partnership agreements? 2. What advantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership? 3. What disadvantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership? Write a memo in Word to Chance and Lynn detailing the above information. You will be graded on how well you address the questions. Addressing the questions involves identifying relevant facts, applying the chapter concepts,, and answering each question completely. Proper APA formatting is expected and required (cited sources, reference page, etc.). Supplement and synthesize your analysis with outsides scholarly sources. For assistance with APA citations, please visit the following links: The American Psychological Association Website: http://www.apastyle.org/ The APA site has numerous links (see \"most popular\"), but you may want to view the tutorial if you are completely new to APA: http://www.apastyle.org/learn/tutorials/basics-tutorial.aspx Note: This assignment will be submitted for plagiarism detection. You may not copy and paste any part of your submission, (not even from the text book) unless it is quoted and cited. Your submission must return less than 20% similarity index in order to be graded. Chegg: Chance, Lynn and their future partners would be wise to construct an agreement that includes the following: Names and contributions Rights and duties Income and loss sharing agreement Withdrawal agreement Dispute procedures Admission and withdrawal of new partners Rights and duties in the event of a partner dies. The partnership form of business organization will have several advantages for Chance, Lynn and their partners. Three of the main ones include the partnership form will allow active involvement by all partners. The partnership will be relatively easy to form. The partnership itself will not pay taxes Several disadvantages exist with the partnership form of organization. Three of these include: the greatest disadvantage is that each partner has unlimited liability for the partnerships debts. The life of a partnership is limited and a death of termination by either partner will end the partnership. Mutual agency exists for partnerships so an act by one partner can commit or bind the other partner