Discuss the advantages derived by getting the accounts of partnership audited.
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3. Discuss the advantages derived by getting the accounts of
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- 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 rateDescribe the Advantages and Disadvantages of Organizing as a Partnership from an accounting viewChoose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
- briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution and also tell the relationship among themBriefly introduce the legal nature of partnerships and companies, with emphasis on the contractual principles governing the formation and discharge of partnership agreement.How to compute partnership capital balance
- The book states "a partnership balance sheet is a document that is used to keep track of the relationship of the partnership to the partners and the partners to each other, both from a tax perspective and a economic perspective." What is meant by economic perspective (focus at point of formation)?Which of the following best describes the articles of partnership agreement? The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership. The articles of partnership are a legal covenant and must be expressed in writing to be valid. The articles of partnership are an agreement that limits partners’ liability to partnership assets. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.Explain the meaning of partnership dissolution and state what effect dissolution will on the operations of the partnership business.