BL Unit V Assessment 1 of 2

General Partnership Name: Institution: Date: GENERAL PARTNERSHIP Ed Norton and Ralph Kramden are individuals that came to a term of forming a general partnership in a mattress retail store. General partnership can be termed as a business entity that comprises of two or further entities for carrying out a business or trade (Cheeseman, 2013). As required of the partnership, both partners contributed towards the establishment of the retail store. Kramden contributed fifty thousand dollars while Norton contributed twenty five thousand dollars. Kramden used fifteen thousand dollars of the partnership funds in purchasing a delivery van, whose certificate of title was under his name. Find herein the rationale that determines the van as a partnership asset and Norton’s participation in sale process. In general, partnership, the partners are usually accountable to the partnership debts. In addition, all the assets, which are purchased through the partnership funds for servicing and developing the business, belong to all the partners. The van that Kramden purchased belonged to the business because the partnership funds were used to both buy and pay for its maintenance fees, as well as all the taxes inv...