What is a partnership agreement what types of provisions, Business Management

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What is a partnership agreement what types of provisions

1. What is a partnership agreement? What types of provisions does it include?

2. What is the difference between a general partnership and a limited liability company? When might each type of entity be used? Why?

3. Describe how a partnership reports its income for tax purposes. Who makes most elections related to partnership income and deductions? What theory underlies this treatment?

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