Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the representatio
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- Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the representation made by A and consented to by B, extended credit to A. What type of partnership was described? Explain.Choose the response that correctly describes a guaranteed payment. (a) A loan payment from the partnership to pay back a loan from a partner. (b) A loan payment from the partner to pay back a loan from a partnership. (c) A payment made to a partner from the profits of the partnership. (d) A payment made to a partner without regard to the income of the partnership53. This pertains to the right to choose with whom a person wishes to associate himself which serves as the very foundation and essence of that partnership. A. Doctrine of Exclusivity B. Doctrine of Delectus Personae C. Doctrine of Holding Out D. Doctrine of Limited Partners
- Why is it important for all partners in a partnership to be on the same page in regard to the method used? What happens if they can not agree?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 formchoose 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.
- 55.In the law on partnership, is the rule absolute where persons who are not partners as to each other are not partners as to third persons? * A. Yes. The rule is absolute because the laws on partnership specifically states that pursuant to the Doctrine of Delectus Personae, each partners forming a partnership has the right to choose who will they associate with. B. No. The rule is not absolute because the laws on partnership states an exception, to wit: partnership by estoppel, where a partnership is not duly organized has been recognized as such in its dealings with certain persons, it shall be considered as partnership by estoppel and the persons dealing with it are estopped from denying its partnership existence.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"""I. The partnership contract, binds the partners to contribute money, property, or industry to a common fund with the intention of dividing profits equally. II. The partnership personality is distinct and separate from that of its partners. A. BOTH STATEMENTS ARE TRUE B. ONLY THE 1ST STATEMENT IS FALSE C. BOTH STATEMENTS ARE FALSE D. ONLY THE 1ST STATEMENT IS TRUE
- S1] Forming a partnership requires two or more people agreeing to be partners contributing all their personal properties. [S2] Oral agreements of partners are not allowed. Statement 2 is true.Both statements are false.Both statements are true.Statement 1 is true.What type of assets may a partner not contribute to a partnership? A. accounts receivable B. furniture C. equipment D. personal credit cardsWhich 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