In addition to preparing to answer electrical code, theory and calculation based questions many testing authorities include business law and project management questions as part of the electrical examination. Can you answer the following question with ease?
Question:
The disadvantages of a general partnership include which of the following:
I. Unlimited personal liability of general partners
II. Multiple decision makers
III. Direct profit rewards
IV. Changes of partners or partnership agreement may be difficult
V. Partnership dissolves in the event of the death of a general partner
Solution:
I, II, IV & V only.
Remember the question did not ask for the advantages of a general partnership, it asked for the disadvantages of the partnership. All of the available choices with the exception of direct profit rewards would be considered a disadvantage of a general partnership. Direct profit rewards would be considered an advantage. Becoming familiar with how to locate exam questions in business law and project management references is key to preparing to pass your examination.
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