i) The registrar may refuse to register the firm under certain conditions. State the circumstances. ii) What are the powers of the partners? iii) Outline the process of dissolution of partnership firms. iv) State the rules applicable in settling accounts between partners. v) How does a partnership firm voluntarily wind up? vi) How does a partnership firm wind up under the order of a court? vii) Under what circumstances can a partner bind the firm and what are the fiduciary relationship of the partners?

i) The registrar may refuse to register the firm under certain conditions. State the circumstances. ii) What are the powers of the partners? iii) Outline the process of dissolution of partnership firms. iv) State the rules applicable in settling accounts between partners. v) How does a partnership firm voluntarily wind up? vi) How does a partnership firm wind up under the order of a court? vii) Under what circumstances can a partner bind the firm and what are the fiduciary relationship of the partners?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 9DQ

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Similar questions

Which of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resources
Which one of the following would not be considered in the development of a partnership agreement? A. profit and loss levels B. processing disputes C. stock options D. asset contributions
Which of the following statements is most true? a. The liability for other partners’ wrong doings is limited to the amount a particular partner has invested in the partnership. b. Partnerships are formed in accordance with specific guidelines that include the filing of a formal written agreement to the government. c. A fast growing firm would be more probable to establish a partnership as its business form than would a slow growing firm. d.Corporations can easier attract investors than those of the partnership and sole proprietor businesses.
Besides drawing a written partnership agreement, it is legally possible to start a partnership on the basis of: a one partner extorting the other for capital. b) a verbal agreement. C) an assumption of interest of the potential partner. d) a loan obtained from a bank, and assuming the bank to be a partner in the business.
When a partner has been appointed manager after the partnership has been constituted or has been appointed in a separate document other than articles of co-partnership, the following are the rules of partnership management to be observed, except * In case of opposition to the decision of the managing partner on acts of administration, the partners representing the controlling interest may resort to voting for his removal as manager. He can only be removed without just cause by the vote of all partners including the managing partner. The managing partner may execute all acts of administration. He may be removed with just cause by the vote of the partners representing the controlling interest.
What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him?
Discuss when a limited partner does or does not have the following rights or powers: (a) to assign his interest in the limited partnership, (b) to receive repayment of loans made to the partnership on a pro rata basis with general creditors, (c) to manage the affairs of the limited partnership, (d) to receive his share of the profits before the general partners receive their shares of the profits, and (e) to dissolve the partnership upon his withdrawing from the partnership.
Which of the following statements is correct in relation to limited partners? Select one: a. Their liability is limited to the capital they have agreed to invest in the partnership b. They have no liability for partnership debts c. They have full liability for partnership debts. Which of the following, in the context of entering into a contract, constitutes a binding offer to sell a unique item of furniture? Select one: a. Placing it on display inside a shop with a price attached b. Placing an advert in the newspaper with a price attached c. Telling someone the price you may be willing to accept for it d. Telling someone you will reduce the marked price on it by 10%
Write the word or group of words that identify each of the following statements. 1. A partner who contributes money, property, and industry. 2. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 3. A partnership which failed to comply with one or more of the legal requirements for its establishment.
Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry. 4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 5. A partnership which failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when industry is contributed into the partnership. 7. A partnership organized for the purpose of rendering service. 8. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.…
State any two grounds on the basis of which court may order for the dissolution of partnership firm.
Write the word or group of words that identify each of the following statements. 1.Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 2. A partnership which failed to comply with one or more of the legal requirements for its establishment. 3.An entry prepared when industry is contributed into the partnership. 4. A partnership organized for the purpose of rendering service. 5. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves. 6. The basis for recording a partner's contribution in the form of noncash assets 7. One who is both a silent and a scret partner. 8. The partnership contract in writing which governs the formation, operation, and dissolution of the…