Answered: Association of two or more persons to…

Association of two or more persons to carry on, as co-owners, a business for profit is known as: a. Limited liability Partnership. b. Proprietorship firm. c. Parent company. d. Corporation.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter1: An Overview Of Managerial Finance

Section: Chapter Questions

Problem 13PROB

See similar textbooks

Related questions

Q: Question Content Area Which of the following is true regarding a limited liability company?…

A: For starting or organisation of business, several business forms can be used. These can be sole…

Q: Choose the correct. How does partnership accounting differ from corporate accounting?a. The matching…

A: The matching principle is not considered appropriate for partnership accounting. Revenues are…

Q: How does partnership accounting differ from corporate accounting? A. The matching principle is…

A: The company is a separate identity different from its promoters that is why it has separate…

Q: Form of business that is legally created under Oman Commercial Law a. Cooperative b. Partnership c.…

A: Cooperative societies means that form of activities which is run with the motive of mutual…

Q: Complete the following table with either a yes or no regarding the attributes of a sole…

A: Solution Concept Sole proprietorship business is a business which is owned and controlled by a…

Q: When two or more persons bind themselves to contribute money, property, or industry to a common…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: What type of business is owned and funded by a single person who may or may not be involved in…

A: Business can be run in many form depending upon the formation and number of person involved.

Q: Which form of business organization is characterized by having the shortest start-up time and lowest…

A: Option C: proprietorship Proprietorship means a business or firm or enterprises etc which owned by…

Q: (b) Mark Rensing has prepared the following list of statements about partnerships. 1. A partnership…

A: There are some statement for which we have to identify whether the statement is true or false.

Q: The concept of separate legal entity is applicable to which of the following types of businesses?…

A: We have the following question: The concept of separate legal entity is applicable to which of the…

Q: All of the following are forms of business organizations except: A. proprietorship B. partnership C.…

A: Business organization refers to an entity formed for the purpose of commercial transactions whose…

Q: Help Save & E According to the Uniform Partnership Act, the three key elements of any general…

A: Partnership is a form of business organization wherein two or more people join hands to run a…

Q: 3- The objective of preparation of income statement of partnership is: a. To show the ratio of…

A: The income statement shows the net income earned by the partnership firm during the year. Net income…

Q: Which sentence is not true? Select one: a. In Partnership, the ownership divided into shares of…

A: Partnership: Minimum Two number of members required to form a business called Partnership.

Q: Which of the following is true? a. Owner in sole proprietorship has less responsibility in running…

A: d. The owner of sole proprietorship has less available capital compared to partnership.

Q: The objective of preparation of income statement of partnership is: a. To show how net profit has…

A: The income statement is one of the important financial statements of the business.

Q: A partner is to a partnership like a(n) ______________ is to a corporation a. Officer b.…

A: A partnership appears to be a non-formal firm run by more than one individual. The most frequent…

Q: 4. Forms of business organizations Businesses can be classified into the following forms: sole…

A: Solution Concept Partnership business is a form of business which is carried out by two or more…

Q: agency problems would be least likely to arise a) in sole proprietorships. b) in partnerships with…

A: In sole proprietorship, only one person is the owner and that person acts on behalf of firm. So,…

Q: Which of the following is true in relation to a partnership? a. A partnership is a separate legal…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: 4. The objective of preparation of income statement of partnership is: a.To show the income and…

A: Income Statement is prepared to show the result of operations of a business whether it is…

Q: Limited liability is the strength of a. Sole Proprietorship b. Partnership Cornoration

A: A limited liability company is a type of business structure for private companies. Limited liability…

Q: 1) The objective of preparation of income statement of partnership is: a. To show the ratio of…

A: Answer: The objective of preparation of income statement of partnership is to identify the revenue…

Q: The following describe several different business organizations. Determine whether each description…

A: Sole proprietorship is a form of business organization where a single person is the owner of…

Q: In what ways does a shareholders of a corporation differ from a partner in a partnership

A: Corporation is the legal entity which is governed as per the respective country's law or regulating…

Q: Two of the business organizational forms your book talks about are limited liability company (LLC)…

A: limited liability company - It is a company wherein if any debt arises of the business then the…

Q: Businesses can be classified into the following forms: sole proprietorship, partnership,…

A: Choosing the right sort of business takes significant research and thought and It's beneficial to…

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

Q: For business it is difficult to expand and increase the number of branches: O a. Corporation b.…

A: Partnership and corporation businesses have more than one owners and managing personals and they…

Q: Determine if sole proprietorship, partnership, or corporation. Select all that is applicable between…

A: Business ownership seems mostly seems in three top forms i.e sole proprietorship, partnership, or…

Q: A business created as a distinct legal entity composed of one or more individuals or entities is…

A: A distinct legal entity that composed of one or more individuals or an entities

Q: A partnership: A) Is also called a sole proprietorship. B) Has unlimited liability for its partners.…

A: Hi, Thank you for the Question. As per the honor code, we’ll answer the first question since the…

Q: In terms of ownership, legal position, obligations, lifespan, regulation, availability of capital,…

A: Will Be Explained:

Q: Indicate what is the difference between a general partnership and a limited liability company and…

A: Under general partnership, partners have unlimited liability for the partnership business and they…

Q: In which legal business relationship two or more people agree to share ownership and management of a…

A: Correct Option is A - None of these Partnership is a legal business relationship two or more people…

Q: Compare and contrast the forms of business organization. Sole/Single Proprietorship Partnership…

A: Sole/Single Proprietorship: A sole proprietorship is a sort of business structure that allows one…

Q: When the management of a business is conducted by individuals other than the owners, the business is…

A: There are four types of business organizations , they are; 1.sole proprietors 2. partnership 3.…

Q: ot one of the three forms of business organization? Corporations. Partnerships.

A: The right answer is option 5. Investors

Q: 1.What are the main advantages of proprietorships, partnerships, and limited liability companies?…

A: Step 1 Advantages of the sole proprietorship Ownership in the case of a sole proprietorship is in…

Q: The objective of preparing Income Statement of partnership is: a. To show the interest on capital of…

A: The objective of preparing Income Statement of partnership is To show the net profit or loss of…

Question

Association of two or more persons to carry on, as co-owners, a business for profit is known as: a. Limited liability Partnership. b. Proprietorship firm. c. Parent company. d. Corporation.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnerships
Owners have no personal liability under which legal business structure? A. a corporation B. a partnership C. a sole proprietorship D. There is liability in every legal business structure.
Which type of financial structure primarily involves one person owning a business? Group of answer choices Partnership Corporations Sole Proprietorship Limited Partnership
Which type of business organization is owned by only one owner? a. Corporation b. Partnership c. Sole proprietorship d. Items a, b, and c are all correc
Which type of business organization is owned by only one owner? Corporation Partnership Sole proprietorship Items a, b, and c are all correct.
The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). AJ Company pays a business income tax and has two owners.
Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a limited liability company and a limited liability partnership? Check all that apply. LLPs are not suitable for professional firms such as accounting, law, and architecture Limited financial liability Taxed as a partnership Have corporate ownership structure Owned by single individual Owners have limited liability and right to vote
The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC).
Of the following forms of business organization, which have stockholders with limited liability? a) limited partnerships b) partnerships c) corporations d) proprietorships
The following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Trent Company is owned by Trent Malone, who is personally liable for the company’s debts.
The ability to combine skills and knowledge is anadvantage of aa. partnership.b. sole proprietorship.c. limited venture.d. an enterprise venture.e. a horizontal business.
Compare and contrast the three types of business organizations (Sole proprietorship, Partnership, and Corporation) with respect to the following items:(1) ownership, (2) liability, and (3) capitalization.