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Author Question: Explain the advantages of being in a limited partnership rather than a general partnership. What ... (Read 63 times)

cookcarl

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on: Jul 26, 2018
Explain the advantages of being in a limited partnership rather than a general partnership.
 
  What will be an ideal response?

Question 2

Explain what agency is and how agents are used in the engineering and construction industry.
 
  What will be an ideal response?


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jxjsniuniu

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Reply #1 on: Jul 26, 2018
Answer to Question 1

The advantages of being a limited partnership rather than a general partnership are that in a limited partnership there is at least one general partner and one or multiple limited partners that mainly contribute cash or property but they do not influence how a firm is managed by the general partner(s). The limited partners are protected from liability but they still share in the profits of a firm.

Answer to Question 2

Agency is a fiduciary relationship between a principle and a person who will represent the principle and their interests. In the engineering and construction industry, agents are used by principles to manage projects and to make decisions on the behalf of owners.


cookcarl

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Reply 2 on: Jul 26, 2018
YES! Correct, THANKS for helping me on my review

jojobee318

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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