Legal Group Project

47. Help me selecting the right answer. Thank you

Lisa, Jeni and Jiso entered into a contract of partnership with a total contribution of P5,000. The parties failed to register its articles of co- partnership with SEC. Which of the following statements is correct? A. The contract of partnership is void because the law provides that when the capital contribution is at least P3,000 it must be registered with SEC. B. The contract of partnership will bind third persons. C. The contract of partnership remains to be valid. D. The partnership business does not obtain juridical personality for failure to register with SEC.

Which of the following is a disadvantage of general partnerships? ( a) The partners in a general partnership are exposed to double taxation. ( b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. ( c) A partner who withdraws from a partnership cannot be held liable for any debts the furm had at the time of withdrawal. ( d) All general partners have unlimited liability for the debts and obligations of their business.

IRC Section 721 provides that, in general, no gain or loss is recognized by the partnership or the partner on the contribution of appreciated or depreciated property to a partnership in exchange for an interest in the partnership as long as the contributing partner(s) own at least 80 of the partnership. Group of answer choices True False

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Write the word or group of words that identify each of the following statements.                    1. A partnership wherein all the partners have limited liability except or at least one general partner.                    2. The contribution of an industrial partner                   3. A partner who contributes money, property, and industry.                    4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity.                    5. A partnership which failed to comply with one or more of the legal requirements for its establishment.                    6. An entry prepared when industry is contributed into the partnership.                    7. A partnership organized for the purpose of rendering service.                    8. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.…

10. Before the allocation of loss, the following items are allocated first, except:A. Salaries to managing partner C. Interest on partnership’s bank loan B. Bonuses to partners D. Interest on partner’s capital  11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a  capital partner.Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all  existing partners. Statement- 1       Statement- 2A. True                          FalseB. False                        FalseC. False                        TrueD. True                         True 12. Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of 25% the partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be?Answer: P______________…

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Kraft is a limited partner of Johnson Enterprises, a limited partnership. As provided in the limited partnership agreement, Kraft decided to leave the partnership and demanded that her capital contribution of $20,000 be returned. At this time, the partnership assets were $150,000 and liabilities to all creditors totaled $140,000. The partnership returned to Kraft her capital contribution of$20,000. a. What liability, if any, does Kraft have to the creditors of Johnson Enterprises? b. If Johnson Enterprises had been formed as a limited liability company, what liability, if any, would Kraft have to the creditors of Johnson Enterprises?

Which of the following is a disadvantage of general partnerships? a) A partner who withdraws from a partnership cannot be held liable for any debts the firm had at the time of withdrawal. b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. c) All general partners have unlimited liability for the debts and obligations of their business. d) The partners in a general partnership are exposed to double taxation.

Choose the response that correctly completes the following sentence about an individual partner's outside basis in a partnership. A partner's outside basis: A) Cannot be less than zero. B) Does not change as long as the partner maintains their partnership interest. C) Is used to apply the basis limitation to losses from a partnership. D) Must be tracked by the partnership. An S corporation shareholder may carry forward unallowed loss that exceeds the basis of their stock (increased by any loans the shareholder made to the corporation) for what period of time? A) A maximum of two years. B) A maximum of ten years. C) A maximum of twenty years. D) Indefinitely, until they are allowed to deduct the entire amount. The Form 1099-A, Acquisition or Abandonment of Secured Property, gives the taxpayer the information that they need to calculate: A) The amount that they will need to pay to avoid having to give up their property. B) Gain or loss from the sale of the property. C) Their ordinary…

A partner in a limited liability partnership (LLP): I. has no liability for acts of malfeasance of any of the other partners. I. has no liability for the debts of the partnership. Oa. Only statement I is correct. Ob. Only statement II is correct. Oc. Both statements are correct. Od. Neither statement is correct.

Sonia and Fred are partners in a CPA firm that was formed as a Limited Liability Partnership (LLP). If Sonia commits malpractic in the preparation of client financial statements, are the partner's personal assets at risk to pay damages caused by Sonia? a. Yes, Sonia's assets are at risk b. No, the LLP shields Sonia's personal assets from malpractice c. No, the LLP shields the personal assets of both partners from malpractice d. Yes, Sonia and Fred's personal assets are at risk

Which of the following is a distinguishing feature of a limited liability partnership? Question 10 options: a) It is intended to address the concerns of professionals who are not permitted to form corporations. b) It is a form of business that is not yet available in Canada. c) Its partners are shareholders. d) The liability of some of the partners is limited to their capital contribution.

How does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care.   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Which one of the following statements is true regarding a partner's personal liability for partnership debts? In a limited partnership, all partners have limited liability for partnership debts In a general partnership, all partners are liable for entity debts. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. LLC members can never be liable for entity debts.

5. Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is not made a partner. After the assignment, Serrano asserts the right to I    - Participate in the Management of BRC. II   - Castelo’s partnership profits Serrano is correct to which of the rights? Group of answer choices I only II only neither I nor II I and II

(TCO G) The partnership of Jewel, Maggie, and Waters was insolvent and will be unable to pay $50,000 in liabilities currently due. What recourse is available to the partnership's creditors?   Group of answer choices   They must present their claims to the three partners in the order of the partners' capital account balances.   They must try to obtain a payment from the partner with the largest capital account balance.   They may seek remuneration from any partner they choose.   They cannot seek remuneration from the partners as individuals.   They must present equal claims to the three partners as individuals.

Riff and Raff enter into a partnership agreement. However, the activity that they intend to undertake as the partnership business is illegal at common law and under commonwealth taxation legislation. Required: Explain the implications of the illegal purpose. b) Explain the rights of a trustee to be paid from the trust for work done or expenses  incurred.

9. When is a partnership legally insolvent A. When the partnership assets are insufficient to meet the partnership obligations and at least one partner is legally insolvent. B. When the partnership assets are insufficient to meet the partnership obligations. C. When all the partners are personally insolvent. D. None of the above.