A partnership is an association of no more than two persons to carry on as co-owners of a business for profit.
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- The major advantage of a regular partnership or a corporation as a form of business organization is the fact that both offer their owners limited liability, whereas proprietorships do not.a.True/.FalseA disadvantage that is NOT peculiar to the partnership form of organization includes a.the interest of a partner in the partnership cannot be transferred without the consent of the other partners. b.termination of the partnership agreement, bankruptcy of the firm, or death of one of the partners dissolves the partnership. c.each partner is individually liable for all of the debts of the partnership. d.the partners do not make the decisions that run the business.Choose TRUE if the statement is correct, and FALSE if it is wrong. 1. There is no impact on the statement of comprehensive income of a partnership when a partner withdraws from the business. 2. The admission of a partner does not change the composition of the partners’ equity if the new partner purchases the old partner’s interest by paying the old partner directly. 3. A new partner cannot be admitted into a partnership without the consent of all the partners. 4. The dissolution of the partnership discharges the existing liability of any partner. 5. When a newly admitted partner pays a bonus to the existing partners, the new partner’s capital account is debited to record bonus to old partners. 6. Partnership dissolution is synonymous with partnership liqidation. 7. The assets invested into the partnership and not given to the individual partner increase the total assets of the partnership. 8. When a new partner invests more than the proportionate share he receives in the partnership,…
- Which of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.1. Why do you think an industrial partner does not share in the losses of partnership? 2. When the profit and loss agreement provides for the allowance of interest on partner's equity and salaries to partners, why are the partners entitled to these allowances even if the partnership operations results in a loss?1. Dissolution of a partnership: A. implies that the business operations will halt. B. occurs when there is any change in the members of the partnership. C. implies that the business cannot continue with a new group of partners. D. implies that the business cannot form a different ownership structure. 2. In comparison with the single proprietorship form of organization, the partnership form offers which of the following advantages? A. simple transfer of interest in the partnership to outsiders. B. combination of ability and experience of the partners. C. legal liability of each partner for all the debts of the partnership. D. limited life
- I. Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. A partnership contract should always be prepared regardless of the amount or nature of the contribution. 2. All types of partnerships are subject to income tax. "3. A partner's contribution in the form of industry will require a debit to the account ""Industry"""Which statement is incorrect? -All partnerships should have at least one general partner. -A partner can dispose of his share in partnership profits only with the consent of the other partners. -A silent partner is one who does not take active part in partnership operations but is known by the public as a partner. -When two sole proprietorships form a partnership, agreed adjustments on the value of assets and liabilities of each sole proprietorship should accrue to the benefit or loss of the sole proprietor, not to the partnership. -none of the above The following ends the life of a partnership, except * -Bankruptcy -A new partner is accepted in the partnership -Accomplishment of the specific objective for which the partnership was formed -Death or incapacity of any partner -Answer not givenwhich of the following is false regarding the partnership form of business? The potential liability of limited partners is limited to the amount they invested in the firm. Partnerships are relatively easy to start Transfer of ownership is easy for the general partners Income of the business is taxed only as the personal income of the partners General partners have unlimited liability for the debts of the firm.
- 1. S1: When two sole proprietors form a partnership, one of them may retain his own set of books as the partnership books. S2: When two sole proprietors form a partnership, both of them may retain their own set of books as the partnership books a. both statements are true b. both statements are false c. only S1 is true d. only S1 is false. 2. How should losses in a partnership be divided between the capitalist partners? The ranking should be: a. agreement-profit and loss -capital b. capital-agreement-profit and loss ratio c. agreement-profit ratio-capital d. profit and loss-capital-agreement 3. S1: An advance to partnership by a partner with the assumption of its repayment by the partnership increases the capital account of the partnership. S2: Drawing account is debited for obligations of the partnership assumed by a partner a. both statements are true b. both statements are false c. only S1 is true…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.LO.1 Sylvia and Trang want to enter into business together and are unsure what type of entity to form (if any). They are concerned about the complexity of the paperwork required, the protection of personal assets from business creditors, and flexibility of sharing income and losses. Explain to Sylvia and Trang how a corporation, a partnership, or no entity at all may differ with respect to their areas of concern.
