The characteristics and types of partnerships.

1. A _____________________ is a partner who has unlimited personal liability in the partnership, where a ____________________ is usually just a financial investor who does not participate in the day to day operations of the partnership and has limited personal liability.

2. If a partner contributes assets to a business, the asset is debited at __________________ when making the journal entry for the partnership, even if the book value is a different amount.

3. How is the balance sheet different for a partnership compared to a sole proprietorship?