Answered: Define and discuss each of the…

Define and discuss each of the following by providing at least 2 practical examples: a) Professional corporation ; Limited Partnership; Limited Liability partnership;

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 4MC: Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the...

See similar textbooks

Related questions

Q: What are the unique financial reporting implications of the Partnership entity in comparison with…

A: A Partnership entity is an arrangement in which, more than two individuals come together to form a…

Q: Which one of the following is a content of a partnership deed? a. Customers' list b. Names and…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: required: *discuss the advantages and disadvantages of partnership business *. please answer this…

A: A partnership is a type of business in which two or more people enter into an agreement to run the…

Q: What is the characteristic of a partnership that gives the authority to any partner to legally bind…

A: When more than one person comes together to form a business and make an agreement. This written…

Q: In general, a partnership is described as a legal relationship that exists between two or more…

A: A partnership is regarded as the agreement that is made by two or more people with an intention to…

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: According to partnership act of 1932 (section 4), “Partnership is the relation between two or more…

A: Partnership is an agreement between two or more persons to undertake a particular business and…

Q: QUESTION “In all partnerships, whether it is expressed in the deed or not, the partners are bound to…

A: Sec. 34-152. Sharing of profits and losses “In all partnerships, whether it is expressed in the…

Q: briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution

A: PARTNERSHIP A partnership is a kind of business wherever a proper agreement between 2 or additional…

Q: "a partnership balance sheet is a document that is used to keep track of the relationship of the…

A: Partnership: A legal agreement between two or more individuals for the purpose of operating a…

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: Discuss the advantages derived by getting the accounts of partnership audited.

A: The question is related to Auditing. Auditing is an independent examination of financial statements…

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: Quèstion 1 A partnership agreement should include each of the following except rights and duties of…

A: Partnership is itself an association or agreement between two or more than two persons. These…

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

A: Proprietorship is usually owned by a single individual wherein the obligation is unlimited.…

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

A: Given below is the required words:

Q: Required: 1. Prepare the opening journal entries in the books of the partnership. 2. Prepare the…

A: A partnership is an agreement by two or more parties to operate a business and share profit.

Q: Which of the following is NOT a principal characteristic of the partnership form of business…

A: A partnership is an association of individuals, where are all the partners are agreed to work for a…

Q: A partnership whose main activity is rendering services (examples include public accounting firms,…

A: Partnership: Partnership is a form of business organization in which two or more than two…

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

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

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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: In accordance with the INCORPORATED PRIVATE PARTNERSHIPS ACT, 1962 (ACT 152) as amended, answer the…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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: 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: 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: , enumerate and briefly discuss the following: • 3 Types of Organizations According to Ownership •…

A: A partnership is an agreement between two or more persons called partners who agree to share the…

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

A: Partnership is an agreement where the persons come together to do a business and decide to bear…

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: 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: QUESTION NO. 1: Having the clear understanding of company’s accounts and partnership accounts you…

A: Financial Accounting:- Financial accounting refers to the recording of the business transaction in a…

Q: Direction: Write TRUE if the statement is true and FALSE if the statement is false. _1. A written…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Write True or False, then briefly explain the statement. 2. All partnership can be an incorporator…

A: solution concept incorporator in a corporation Incorporator means the stockholders who incorporate…

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

A: Partnership refers to a formal agreement between two or more persons for operating and managing a…

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

A: Collaboration or partnership is a contractual agreement to run and maintain a company and divide its…

Q: liability partnership

A: All the partners Liability is limited under Correct Answer :- A Limited Liability Partnership.

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: Corporation 1. What are some of the causes of vacancy in the of

A: Any vacancy among the directors may be filled by a majority of the remaining directors or a sole…

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: 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…

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

A: Given below is the description of the statement.

Q: Limited Partnership; Limited Liability partnership; Professional corporation?

A: As per company policy, it is only possible to solve one question in just one question.

Q: Choose the correct. Which of the following best describes the articles of partnership agreement?a.…

A: The articles of partnership are a legal covenant that may be expressed orally or in writing, and…

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

A: Partnership:- It is a form of business where two or more people join together to share the profit or…

Question

Question 1:

Define and discuss each of the following by providing at least 2 practical examples:

a) Professional corporation ; Limited Partnership; Limited Liability partnership;

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1 Professional Corporation

VIEW

Step 2 Limited Partnership

VIEW

Step 3 Limited Liability partnership

VIEW

Step by step

Solved in 3 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
A well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax rate
1. Answer the following questions about corporation (essay): a. Differentiate partnership and corporation. b. List some of the similarities of partnership and corporation (minimum of 5). c. What are the characteristics/attributes of a corporation?
Question based on the picture attached (b) Explain any three (3) costs and benefits of partnerships/proprietorships as compared to corporation. Give your opinion which type of organizational structure is preferable.
Two of the business organizational forms your book talks about are limited liability company (LLC) and partnership. What is a limited liability company (LLC)? And how does it differ from partnership? Identify three ways in which they differ, Be brief and to the point.
Determine whether each describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure. : View the image for the table to help answer.
Which of the following are limited liability entities? A. General partnership B. General liability company C.sole proprietorship D. S corporation