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Question Two i. The members s of a partnership may be classified based on...

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Accounting

Question Two
i. The members s of a partnership may be classified based on the roles they play.
Explain the following classification :
a. General Partner (5 marks)
b. Silent Partner (5 marks )
c. Limited Partner. (5 marks )
ii. State two advantages and two disadvantages of a partnership when compared to a sole
trader enterprise (4 marks )
iii. State two advantages and two disadvantages of a partnership when compared to a
company (4 marks )
iv. State and explain the legal documents that are required to regulate the affairs of a
partnership (10 marks )
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