A partner who does not take active part in running the partnership affairs but he is a general partner, and a partner not known as a partner but actively participate in running the partnership affairs, respectively are

Q: Discuss when a limited partner does or does not have the following rights or powers: (a) to assign…

A: A partnership is the form of a business organization, in which two or more people start an…

Q: Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X,…

A: A partnership is a form of business organization under which two or more than two person joins…

Q: A limited partnership was formed consisting of Webster as general partner and Stevens and Stewart as…

A: A Limited liability partnership enjoys the limited liability benefit of a company and the…

Q: Determine whether each characteristic describes a general partnership (GP), limited liability…

A: In a general partnership, all partners are 100% liable for the liabilities of the partnership. If…

Q: file a case against a partnership, without impleading the partners and the partnership is then held…

A: Partnership:   It is a form of business where two or more people form a business under an agreement…

Q: Explain the meaning of partnership dissolution and state what effect dissolution will on the…

A:

Q: In case of opposition to the decision of the managing partner on acts of administration, the…

A: Managing partner may execute all acts of administration.  He may be removed by ordinary resolution…

Q: A disadvantage that is NOT peculiar to the partnership form of organization includes a.the interest…

A: A partnership is a type of business that is held by two or more partners in order to earn profit.…

Q: Which of the following best describes the articles of partnership agreement? The purpose of the…

A: A partnership agreement is the agreement between the partners and it may be written or verbal. Based…

Q: A court, may order a partnership firm to be dissolved in case of a suit by a partner in the…

A: Partnership is the business organisation where group of individuals carried on business activity and…

Q: Which one of the following would not be considered a disadvantage of the partnership form of…

A: The question is related to the Partnership Accounting. Partnership is based on mutual agency…

Q: as a general partner", "The partnership agreement is silent regarding payment of partnership…

A: d. To maximize the partnership's deductions under § 736, "Daniel is treated as a general partner",…

Q: When a new partner is admitted into a partnership and the new partner receives a capital credit…

A: Partnership is an agreement or arrangement between two or more than two persons in which they invest…

Q: Which of the following statements regarding limited partnerships is true? A) There is no limit on a…

A: Limited liability partnership:- A limited partnership is identical to a general partnership, except…

Q: The following partnership accounts represent a liability of a partner to the partnership, except *…

A: Receivable from partner is current assets for firm & liability of a partner to the partnership.…

Q: In a going concern, why is the profit or loss of a partnership is being closed to the partners’…

A: Going concern: It is one of the fundamental accounting concept that states that the business entity…

Q: A person entoring into a partnership is only liable for debts or eligible for profits from the date…

A: Partnership is one of the agreement between two or more than two persons in which they invest their…

Q: Besides drawing a written partnership agreement, it is legally possible to start a partnership on…

A: Introduction: Partnership is a one form of business in which two or more person joins hands to carry…

Q: What are some of the legal risks associated with organizing a business as a partnership? In your…

A: SOLUTION- PARTNERSHIP- IT IS A KIND OF BUSINESS WHERE A FORMAL AGREEMENT BETWEEN TWO OR MORE PERSONS…

Q: Being in a business of partnership: O a. Increases Individual risk O b. None of these O c. Does not…

A: Partnership : In general sense, partnership is defined as the two or more persons joined together to…

Q: A limited partnership differs from an ordinary partnership by O having a limited number of partners.…

A: "Limited" in limited partnership is used for the liability of the partners.

Q: 1. It is one where persons, by words spoken or written or by conduct represents themselves, or…

A: Answer: As mentioned in Q/A guidelines, we have to answer first question only. Kindly repost…

Q: Define the difference between a proprietorship and a partnership. What are the advantages and…

A: The business entity can be established, managed, and operated using a variety of business…

Q: Write the word or group of words that identify each of the following statements.…

A: Given below is the required words for the statements:

Q: It means "choice of the person". Due to this principle, no one can be a member of the partnership…

A: As per the principle of choice of the person, every partner has a right to choose his partner.

Q: This characteristic explains why partners have a right to choose or refuse who they want to be…

A: A partnership is a form of business that agrees to carry a business and share the profits according…

Q: A capitalist partner is not allowed to enter into a new partnership if it is a competing business.…

A: Diligence – The obligation of the partner is to act diligently in her decisions on behalf of the…

Q: 1. Why do you think an industrial partner does not share in the losses of partnership?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Discuss the advantages and disadvantages of forming a partnership as opposed to a sole proprietor.

A: In partnership there are 2 or more persons working as a partners and sharing profit or loss among…

Q: The act of any partner is binding on all other partners, even when partners perform business acts…

A: SOLUTION- PARTNERSHIP-IT IS A KIND OF BUSINESS WHERE WHERE FORMAL AGREEMENT BETWEEN TWO OR MORE…

Q: The following are rights of a partner in a partnership, except one:   Right to compensation Right to…

A: No partner have right to return on any part of its captal contributed by him, unless otherwise…

Q: the benefits and detriments of being a general partner versus a limited partner of a limited…

A: The partnership comes into existence when two or more persons agree to do the business and share…

Q: Every partner may do acts of administration if there was no designated managing partner in the…

A: Partnership is an agreement between 2 or more person who are called as partners, agree to start and…

Q: When goodwill already appears in the books of accounts, what should be the desired option under…

A: Goodwill is an intangible asset appearing under the heading fixed assets in the balance sheet.

Q: The outside basis is defined in the internal revenue code as a partner's basis in the partnership…

A: True

Q: Write the word or group of words that identify each of the following statements.…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Under the default rules of the ULPA, a limited partner who wishes to withdraw from a limited…

A: Limited Partnership: A limited partnership is when at least two individuals start a new business as…

Q: Explain the difference between a general partner and a limited partner?

A: Most of the partnerships formed either by General partnership or by limited Partnership. Both…

Q: when a new partner is added to an existing partnership, the underlying business operations must…

A: When a new partner is added to the partnership, the previous partnership ends. However, the business…

Q: Complete the following statement: When there is neither Partnership Deed nor express agreement or…

A: A partnership is an association of two or more people to carry on the common business with the…

Q: What are the legal similarities and differences of a Limited Partnership and a General Partnership?…

A: The legal similarities of a limited partnership and the general partnership are as follows:  Income…

Q: Write the word or group of words that identify each of the following statements.              1. A…

A: Given below is the description of statements:

Q: A general partner in a partnership* has unlimited liability for all partnership debts. is always the…

A: Partnership is an association or agreement between two or more than two persons, in which they…

Q: Explain what the problem is with being a general partner in a partnership.

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Write TRUE if the state Any partner may cause the dissolution of the partnership at any te even…

A: We'll answer the first question as the exact one wasn't specified. Please submit a new question…

Q: The partners' drawing accounts need not be closed to the capital accounts if the partnership opts to…

A: The partners' drawing accounts need not be closed to the capital accounts if the partnership opts to…

Q: Every partner may check the books and records of the partnership so that they can make good…

A: Partnership is one of the form of arrangement or agreement between two or more than two persons,…

Q: Which of the following statements is correct when a new partner is admitted to an existing…

A: Solution: The correct statement when a new partner is admitted to an existing partnership by…

Q: A characteristic describing a partnership as a judicial personality which can acquire, sell, or…

A: A legal entity is an organization with legal rights and duties, such as the ability to form…

Q: Riff and Raff enter into a partnership agreement. However, the activity that they intend to…

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…