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Mary and Ted are discussing starting a new business and are asking themselves a series of questions like, "What is the worst that could happen if we fail?

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Mary and Ted need to determine the type of partnership business they plan to enter into, if it is a General Partnership, Limited Partnership and Limited Liability Partnership.

The type of partnership business will determine their individual liabilities, in the event the business folds up. Furthermore, In a bid for Mary and Ted to answer questions like,"What is the worst that could happen if we fail, they will need a partnership agreement, which states the terms of agreements of each partners.

Explanation:

Mary and Ted need to determine the type of partnership business they plan to enter into, if it is a General Partnership, Limited Partnership and Limited Liability Partnership.

The type of partnership business will determine their individual liabilities, in the event the business folds up. Furthermore, In a bid for Mary and Ted to answer questions like,"What is the worst that could happen if we fail, they will need a partnership agreement, which states the terms of agreements of each partners.

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