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- 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 contributionsAny assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharingDefine the difference between a proprietorship and a partnership. What are the advantages and disadvantages of a proprietorship and a partnership? (PLEASE DONT PROVIDE PICTURES FOR ANSWER THANK YOU)
- Which of the following is true? a. Owner in sole proprietorship has less responsibility in running his business compared to partnership b. The liability for sole proprietorship is limited compared to partnership c. The sole proprietorship business has unlimited growth potential compared to partnership d. The owner of sole proprietorship has less available capital compared to partnershipDiscuss the advantages and disadvantages of forming a partnership as opposed to a sole proprietor.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?
- 1) What are the critical issues a partnership should address in a buy - sell agreement? 2) what are the advantages of sole proprietorships? 3) briefly discuss some of the effective ways to stem complaints?choose the response that correctly the following sentence about an individual partner's outside basis in a partnership. a partner's outside basis? (a) can be less than zero, (b) does not change as long as the partner maintains their partnership interest, (c) is used to apply the basis limitation to losses from a partnership, (d) must be tracked by the partnership.Which of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.
- 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.A client of yours is forming a partnership and has asked you whether it is necessary to prepare a partnership agreement. Discuss your response taking into consideration the sharing of profits and losses with the existence of a partnership agreement and the absence of a partnership agreement.