1. What is the distinction between a general partnership and a limited partnership? 2. Explain why a cooperative could not claim to be a syndicate. 3. Suppose you were asked to review and assess a franchise agreement. What responsibilities would you expect to be included in that agreement?
Answer 1: General partnership and limited partnership both are similar but the decision making terms makes the difference between both of them. In general partnership, each partner has joint authority to make firms related decision and hold financial liability and obligations. On the other hand, limited partnership includes one or more than one person who functions as general partners. They perform business activities with unlimited liability as like a sole proprietor. Answer 2: Cooperative refers to the ownership of any property titled and title of the attached land by a non-profit organization. On the other hand, a syndicate is actually an association made by some individuals to conduct a joint venture or other business activity. Therefore, a cooperative could not claim to be a syndicate because it is not created to fulfill a common objective. Cooperative cannot be organized as a partnership based organization
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