partnership causes it to dissolve
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- In a partnership a partner who is unknown to the other partners yet participates in the running of the firm is a -------- partnerThe following statements are true, except * -A limited partner is liable for partnership debts up to the extent of his capital contribution -An industrial partner can also be a capitalist partner at the same time. -An industrial partner who engages in business for himself can be excluded from the partnership. -A capitalist partner may engage in the same line of business as that of the partnership -answer not given The following partnership accounts represent a liability of a partner to the partnership, except * -Receivable from partner -Loan to partner -Due from partner -all of the above -answer not given A partner’s capital account is credited for the following transactions, except * -Share in net income -loan from the partner -Original and additional investment -both A and C -answer not givenCompanies A and B differ only in their capital structure. A is financed 30% debt and 70% equity: B is financed 10% debt and 90% equity. The debt of both companies is risk-free. a. Rosencrantz owns 1% of the common stock of A. What other investment package would produce identical cash flow for Rosencrantz? b. Guildenstern owns 2% of common stock of B. What other investment package would produce identical cash flows for Guildenstern?
- Theo, a member of TGI partnership, withdrew from the partnership and duly notified the other members. The firm was an at-will partnership and the parties parted amicably, posting a notice in the local newspaper of the dissolution of their firm. Cosmo, a customer who had conducted business with Theo several times, did not see the newspaper notice and was not informed of the dissolution. Later, Theo approached Cosmo concerning a transaction similar to those Cosmo had engaged in before with Theo acting on behalf of TGI. Cosmo placed an order, gave a substantial down payment to Theo, and received a receipt on TGI stationery from him. Theo thereafter absconded with the down payment, and TGI failed to honor the contract. Cosmo sued the other members of TGI partnership. Discuss their potential liability.A, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses. Select one: a. Partner B b. Partner C c. Partner A d. All the partners1. Which of the following is an advantage of partnerships? a. Each partner has limited liability for the debts of a business. b. Each partner is responsible only for his or her acts. c. A business continues to exist even after the death of any one partner. d. More capital can be raised since good credit may be available. 2. Which of the following factors should be considered while choosing the proper legal form for a business? a. Packaging of the product b. Location of the factory c. Nature of the business d. Name of the product 3. Once the choice of a legal form for a new business has been made, it cannot be changed until the business is dissolved or sold. a. True b. False 4. An equal partnership between owners is advisable in order to facilitate decision-making. a. True b. False 5. Which of the following is an advantage of a corporation? a. It cannot make use of a business owner's personal property…
- T F The articles of partnership is a written contractdescribing the terms of a partnershipThe pre-emptive rights of stockholders in a corporation are not statutory rights, but are ____________ and exist even when no specific grant or recognition of such right is provided for in statutory law. inherent rights common law rights provided by the Corporation Code implied rights A share held by a third person to be released only upon the performance of a condition or the happening of a certain event contained in the agreement. Common share Preferred share Escrow share Treasury share One of the attributes of a corporation is that it is an artificial being with a separate personality. As a result of this attribute, the corporation: is not liable for torts committed by its officer or agent. is liable for torts committed by its officer or agent. is liable for torts by its stockholders. is liable for torts committed by its stockholders and officers or agents. The “Grandfather Rule” in Corporation law means that: corporate stockholdings would be traced from the nationality of the…A school of thought is of the view that a limited liability company is said to be best in respect of setting up a business, others are of the opinion that a limited liability just shifts the burden of the failure of business to a non-existent person called a company and its creditors.a) with the aid of the Company’s Act 1960, Act 179 and decided cases, discuss what is termed as a limited Liability Company b) According to case law and statute, at what time is a company liable for acts committed byits directors. c) Discuss the Mechanics of Incorporation d) Explain the Ultra Vires Principle
- 45) What is a disadvantage of partnerships over sole proprietorships? A. In partnerships, profits have to be shared, whereas in sole proprietorships all profits belong exclusively to the owner. B. Unlike sole proprietorships, partnerships do not face any regulatory controls that affect their activities. C. In partnerships, all owners have unlimited liability, whereas in sole proprietorships they have limited liability. D. Unlike a sole proprietorship, a partnership is terminated when a partner dies or withdraws. E. In sole proprietorships, the owners have access to more funds than in partnerships.Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? A. General partners have a distinct legal personality B. None of the choices are correct C. General partners will contribute more because they have more money D. General partners have unlimited liabilityWhich of the following must occur for a new partner to enter the partnership by acquiring an ownership interest directly from an existing partner? A. The new partner must acquire all of the current partner's ownership interest B. Existing partners must know the amount the new partners is paying for the ownership interest C. The new partner must live in the same state as the other partners D. Existing partners must approve the admission of the new partner into partnership