Develop a hypothetical business you would consider
starting with a friend or relative.  a. Imagine that the friend or relative has sufficient
funds to start the business and that you will be
doing most of the work (for example, if you were
starting a mobile car wash business, you would
be procuring the customers and washing the
cars).  b. Imagine also that you will be performing all the
bookkeeping functions for the business.  2. In a written report, prepare the following:  a. A report to your partner, containing a detailed
description of the differences regarding liability with
respect to a sole proprietorship, a general
partnership, a limited partnership, and a corporation. b. A completed partnership agreement, including the
following elements ready for signatures using the
partnership agreement included. Click here to
Click here to view the grading
rubric for the project. 
Description/Requirements of Project Evaluation Criteria
download the format of a partnership agreement. I. Detailed description of the business  II. Names of the partners  III. Address of the partnership and the partners  IV. Roles of each of the partners as limited
partners, being as complete and detailed as
possible (you can also be as imaginative as
you need to be with titles and
responsibilities ) V. List of assets provided by each partner  VI. Division of income  VII. Division of partnership liabilities (debts)  VIII. Method by which the partnership may be
dissolved, including what happens in the
event of filing for bankruptcy 
Tip: You can use the following diagram to analyze the project
 Submission Requirements:
 Submit your responses in a minimum of a three
page, double-spaced Microsoft Word document.
Description/Requirements of Project Evaluation Criteria
Please make sure you include the title page and the
reference page as part of your submission.   Cite sources in the APA format.  Adhere to Standard English grammar, spelling, and
punctuation requirements.  Use 12-point Arial font.