In a limited partnership O all partners have unlimited liability O the general partners have limited liability O the general partners have unlimited liability O all partners have limited liability
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- A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partnerCan a partnership assume liabilities as part of one of the partners contributions?All the partners' liability is limited under: a. General partnership b. Limited partnership c. Limited liability partnership d. Joint Venture
- A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencyWhen a partnership is created, what is the contract called that gives the amounts invested by each partnership, how income and losses should be distributed, etc.? Group of answer choices partnership charter partnership partnership agreement none of theseHow does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Accounting - Partnership Does unlimited liability of a partner for partnership debt an advantage or disadvantage on the part of the partnership?What is the nature of liability of general partners as to partnership debts or obligations? A. the are liable solidarily up to the extent of their separate assets after the partnership asses are exhausted B. they are liable pro-rata up to the extent of their capital contribution only C. they are liable pro-rata to the extent of their separate assets after the partnership assets are exhausted D. the are liable equally up to the extent of their separate assets after the partnership assets are exhaustedWhat is the characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts called? Group of answer choices unlimited liability ease of formation dissolution mutual agency
- Which of the following is NOT a characteristic of a partnership? a. Partners have mutual agency b. Partners are able to contract on behalf of the partnerships. c.Partnership income is tax free d.Partnerships are easy to formUnder the Revised Uniform Partnership Agreement, a. unsatisfied partnership creditors share pro rata with personal creditors in the assets of the partner’s estate. b. unsatisfied partnership creditors have first priority against partnership assets. c. unsatisfied personal creditors have first priority against partnership assets. d. None of the above.Each partner has a claim on partnership assets based on his/her: a. Commission account b. Salary account c. Drawings account d. Capital account