Partnership and Employment
Two Classes of Partnership
A partnership is a business with more than one owner and has not applied to become a corporation or a limited liability company (Laurence, 2012). The two general types are general partnership and limited partnership. The general type is the more common. Each partner has a hand in its operation. It is also the simplest and least expensive business structure to create and maintain. Both partners share all the liability for the debts and obligations of the businesses, including court decisions. Either partner is bound to a contract or deal entered into by the other partner. The partners pay partnership taxes, which "pass through" their business to their respective individual income tax returns. Creating a partnership does not require filing of papers. Two persons who agree can do so and then register the business with the payment of a minimum tax. Although there is no need for a written partnership agreement, the partners may come up with a business name and some details of the partnership. These include the partners' respective rights and responsibilities and share of profits. A general partnership ends if one partner decides to leave it. The remaining partner must settle remaining obligations and debts and then divide the profits and assets between themselves (Laurence).
Limited Partnership
This structure includes more partners with their respective business liabilities (Bachmann, 2012). Their responsibilities and involvements in the business also vary. Their financial obligations are equal to their investment. One advantage is that more partners can greatly increase capital resources. Some can join as limited partners while the general partners keep control of daily operations. But tax issues or a clash between a general partner and a limited partner can reduce business effectiveness (Bachmann).
Two Theories of Employment Discrimination
These are the theory of disparate treatment...
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