t is documented that ethics and code of practice are particularly important aspects in partnership firm whereby erring partners face disciplinary action at the institution and compelled to compensate the other partner(s) and the firm by forfeiting certain benefits. However, most of successful corporations are evolved from sole proprietorship. To what extent do you agree with this statement.

Q: What accounting steps are taken by a partnership firm when a new partner is unable to bring the…

A: When a new partner is not able to bring the business guaranteed by him, then the guaranteed amount…

Q: Different forms of businesses have different characteristics. Which of the following characteristics…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: It is documented that ethics and code of practice are particularly important aspects in partnership…

A: Yes, I am agree with the above statement.

Q: he partnership form of organization     a. Avoids the double taxation of earnings and dividends…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: If Nicanor, a CPA, established a partnership with Inday, a Certified Internal Auditor, to engaged in…

A: We are assuming that question is related to Philippines tax law. As per Philippines tax law,…

Q: partnerships and limited liability compan

A: Federal statutes set forth requirements for partnerships and limited liability companies, so the…

Q: The owner's equity of proprietorships and of partnerships makes no distinction between what is…

A: Capital of Partnership firm: Partnership Capital refers to the aggregate of the Partners' capital…

Q: What does it mean to be a company? Instead of forming a partnership, why would the founders of the…

A: The Answer:

Q: A major issue faced by people who are starting their own business is the form of organization they…

A: The company's goal is to maximize profits. Profits are derived from the company's income statement.…

Q: Agency problem is pervasive and exists in practically every organization whether a business, church,…

A: Agency Problems in Limited Liability Company Like the work indicate the meaning of the Agency…

Q: The major advantage of a regular partnership or a corporation as a form of business organization is…

A: Partnership: A partnership is a commercial enterprise that is possessed by two or more persons who…

Q: Explain some of the Advantages and Disadvantages of sole trader and partnership business , including…

A: Sole trader is the form of business organisation where only single person who own and manage the…

Q: partnership. What fundamentals of partnership agreement are necessary in the business? Also…

A: 1. What is Partnership?   A partnership can be defined as a formal arrangement by two or more…

Q: If Nicanor, a CPA, established a partnership with Inday, a Certified Internal Auditor, to engaged in…

A: General professional partnerships are partnerships formed by persons for the sole purpose of…

Q: Generally, industrial partners share in the losses sustained by a partnership. O True False

A: Solution Concept Industrial partner are the partner who contributes their expertise to the…

Q: in a partnership liquidation , the accountant's primary responsibility is to manage the company in a…

A: A liquidation of a partnership is the process of paying off liabilities, selling assets, and…

Q: A court, may order a partnership firm to be dissolved in case of a suit by a partner in the…

A: Partnership is the business organisation where group of individuals carried on business activity and…

Q: Agency problems would be less likely to exist in a:     sole proprietorship.     partnership.…

A: Solution: Agency problems would be less likely to exist in a "Sole proprietorship" because there is…

Q: Which of the following is not a characteristic of a partnership firm? Select one: A. Limited…

A: Partnership Accounts - Partnership is a agreement between two partners agreed to carry business and…

Q: Which one of the following would not be considered a disadvantage of the partnership form of…

A: The question is related to the Partnership Accounting. Partnership is based on mutual agency…

Q: as a general partner", "The partnership agreement is silent regarding payment of partnership…

A: d. To maximize the partnership's deductions under § 736, "Daniel is treated as a general partner",…

Q: A partnership whose main activity is rendering services (examples include public accounting firms,…

A: Partnership: Partnership is a form of business organization in which two or more than two…

Q: Which of the following is a reason for the popularity of partnerships as a legal form for…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: _____________ is a disadvantage of Partnership. a. Potential disagreements between partners b. Great…

A: Partnership: It is a form of business under which two or more persons made a formal agreement with…

Q: Which of the following statements is CORRECT?   a. A major disadvantage of all partnerships compared…

A: In a partnership business, partners face difficulty in order to raise a large amount of capital.…

Q: What are the differences in whether a limited liability company is member-managed or…

A: The limited liability company is typically a new form of entity and can be managed in 2 ways namely,…

Q: What are some of the legal risks associated with organizing a business as a partnership? In your…

A: SOLUTION- PARTNERSHIP- IT IS A KIND OF BUSINESS WHERE A FORMAL AGREEMENT BETWEEN TWO OR MORE PERSONS…

Q: For Professionals, the benefit of an LLC, over a partnership, is that it: Group of answer choices…

A: Limited liability company is a form of business entity in which the owner of such company can not be…

Q: hat are the differences between basis period use for the company purpose and for the individual/…

A: Answer: Basis period is the period that is selected for taxable period and for easy identification…

Q: Which of the following legal forms of organization has the highest level of Secrecy? a. partnerships…

A: A business organization is a creation of an entity with the aim to earn economic and non-economic…

Q: A capitalist partner is not allowed to enter into a new partnership if it is a competing business.…

A: Diligence – The obligation of the partner is to act diligently in her decisions on behalf of the…

Q: What choices are available to a group of persons creating a business? Why is it possible that a…

A: The Answer :

Q: Both Corporations and LLCS have no liability protection and are similar to a general partnerships…

A: Corporations , LLC, General Partnerships and Sole proprietorships are all forms of business…

Q: A, an industrial partner of B and C engaged in a business for himself, without the latter’s consent,…

A: A's exclusion from the firm is not valid. Because he was excluded without latter's consent.

Q: One advantage of switching from a partnership to the corporate form of organization is the…

A: It makes it easier for the firm to raise additional capital

Q: Dissolution of a partnership occurs when there is any change in the members of the partnership.…

A: Dissolution is the term of accounting, which means winding up the operations of the business or…

Q: What type of Partnership as a business formation would be best suited for a "Silent Partner"…

A: General Partnership- This is the kind of partnership where two or more agrees to run a business. In…

Q: Choose the correct. Which of the following is not a reason for the popularity of partnerships as a…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: Liquidating a partnership may be a time-consuming and difficult procedure. What fundamental rules…

A: Definition: Partnership: Two or more persons get together to establish a business entity owned and…

Q: The Limited Liability Company (LLC) is a step above the sole proprietorship and partnership in that…

A: Limited liability company is a company whose member's personal liabilities  limited . This have…

Q: If a partnership is liquidated, partners ( except for limited partners) are liable to the extent of…

A: Partnership is an agreement by two or more individuals to do a business together and the profit or…

Q: Even though, from an accounting standpoint, partnerships are separate entities from the partners,…

A: Partnership Firm:  A Partnership firm may be defined as a group of two or more people who have…

Q: A general professional partnership (GPP) is one:   That derives professional income and rental…

A: A General professional partnership (GPP) has to pay 0% tax on its income as individuals are required…

Q: Which one of the following alternatives is correct? A. The retirement of a partner from a…

A: Partnership refers to the one where two or more individuals join hands to operate a business…

Q: A significant difficulty that entrepreneurs encounter is determining the kind of organization to…

A: The firm's goal is to make the company more profitable. The company's income statement may be used…