I want answe for this question by typing please. Thanks Note: Try to write from your understanding not from the Internet. 2. Discuss admission of new partner by purchasing an existing partner’s interest
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I want answe for this question by typing please. Thanks
Note: Try to write from your understanding not from the Internet.
2. Discuss admission of new partner by purchasing an existing partner’s interest
Definition:
Admission of partner: When a new partner joins the partnership firm by purchasing an existing partners’ interest or contributing to the capital of the firm, it is called an admission of a partner.
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- Hi! This topic is about Partnership Dissolution. The number 4 and 5 are my questions. choose the letter of answer. Thank you!!!Question-based on partnership I have tried it but incorrect, the first 2 answers are wrong. Thanks for the help.I. Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. A newly organized partnership should always open a new set of books for its use. 2.All partnerships have general partners.
- Two individuals who are forming a partnership ask you how they should divide the income and losses of the business. What factors should you consider in making a recommendation?In relation to the formation of a partnership, select the correct statement: Group of answer choices: 1 A partnership is property created once a partnership agreement is signed. 2 A partnership can exist without the members being aware that they are in fact in a partnership relationship. 3 A partnership can be created for a non-profitable purpose. 4 To come into existence, a partnership must be registered under the Partnership Law Act 2019.A client of yours is seeking your help in understanding a number of issues involving various aspects of a partnership. The business under consideration is a manufacturer of custom fabricated steel building components such as fire escapes, stairways and landings, and racking systems. Provide a response to each of the questions your client has.1. One of the potential partners wants to allocate partnership profits by including interest on invested capital and bonuses, as a percentage of net income after bonuses. Why would interest on capital be important given this type of business, and what is the best way to measure capital?2. Determining a bonus on net income after the bonus seems counterintuitive. Why not just base the bonus on net income?3. Are drawings and capital the same thing? Why is it necessary to make a distinction?4. If a partner is legally considered an employee of the partnership and receives a regular paycheck and an annual W-2 statement, is this the same thing as the…
- Petersen, one of your clients, has indicated that Jacobsen is interested in buying Petersen’s interest in the partnership. Relevant information: (attached)Petersen has asked you a number of questions regarding selling his interest in the partnership. It is important to note that the partners vote on partnership matters in the same proportion as their profit and loss percentages.Prepare a response to each of the following questions:1. Given the above information, what is the suggested value of Petersen’s interest in the partnership?2. Petersen believes that there is significant additional value traceable to the partnership that is not reflected in the above information. In particular, Petersen believes that the partnership has significant goodwill and feels that his interest in the partnership is worth $130,000. What amount of total entity goodwill is suggested by this value?3. If Petersen were to sell half of his interest in the partnership to Jacobsen and half to Olsen, why might the…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%loan to partner , the debit side will be in the partnership Select one: a. cash b. No entry c. partner loan d. partner capital
- In general, a partnership is described as a legal relationship that exists between two or more people who carry on a joint business with the goal of benefit. (a) Describe the different types of partners and their characteristics. (attached point form answer for this question; kindly assist me to elaborate more on each points) (b) Determine the conditions that must be met for a partnership to exist.(attached point form answer for this question; kindly assist me to elaborate more on each points)Upon learning differences in methods of admitting a new partner, which between purchase of interest and investment of assets would you prefer if you were: a) The incoming partner b) The existing partner Justify by identifying the advantages and disadvantages of each method from each method from each partner’s point of view.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"""
