How the partnership will be operated, Other Management

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How the partnership will be operated

Assignment task:

Lucy and Sue decided to open a children's used clothing store. They have a verbal agreement about how the partnership will be operated. Both will be involved in the day-to-day operation of the business; both will be liable for the partnership debts; and they will be equal partners. Both are contributing 50% of the equity for the business. What is their partner classification? Question Select one: a. Shareholder b. General partner c. Domestic partner d. Limited partner

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Other Management: How the partnership will be operated

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