Write the word or group of words that identify each of the following statements. 1.The partnership contract in writing which governs the formation, operation, and dissolution of the partnership. 2..Partnerwho has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm. 3.Thegovernment body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines. 4. The word added to the name of the partnership to inform the public that it is a limited partnership. 5.A partner whose liability is only up to his personal contribution into the partnership.

Write the word or group of words that identify each of the following statements. 1.The partnership contract in writing which governs the formation, operation, and dissolution of the partnership. 2..Partnerwho has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm. 3.Thegovernment body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines. 4. The word added to the name of the partnership to inform the public that it is a limited partnership. 5.A partner whose liability is only up to his personal contribution into the partnership.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 15DQ

See similar textbooks

Similar questions

Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnerships
Write the word or group of words that identify each of the following statements. 13. The government body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines. 14. The word added to the name of the partnership to inform the public that it is a limited partnership. 15. A partner whose liability is only up to his personal contribution into the partnership.
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.
. Write the word or group of words that identify each of the following statements. 1.A partner who has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm. 2. The government body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines.
Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry. 4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 5. A partnership which failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when industry is contributed into the partnership. 7. A partnership organized for the purpose of rendering service. 8. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.…
Write the word or group of words that identify each of the following statements. 1.Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 2. A partnership which failed to comply with one or more of the legal requirements for its establishment. 3.An entry prepared when industry is contributed into the partnership. 4. A partnership organized for the purpose of rendering service. 5. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves. 6. The basis for recording a partner's contribution in the form of noncash assets 7. One who is both a silent and a scret partner. 8. The partnership contract in writing which governs the formation, operation, and dissolution of the…
II. Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry. 4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 5. A partnership which failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when industry is contributed into the partnership. 7. A partnership organized for the purpose of rendering service.…
Write the word or group of words that identify each of the following statements. 1. A partner who contributes money, property, and industry. 2. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 3. A partnership which failed to comply with one or more of the legal requirements for its establishment.
i) The registrar may refuse to register the firm under certain conditions. State the circumstances.ii) What are the powers of the partners?iii) Outline the process of dissolution of partnership firms.iv) State the rules applicable in settling accounts between partners.v) How does a partnership firm voluntarily wind up?vi) How does a partnership firm wind up under the order of a court?vii) Under what circumstances can a partner bind the firm and what are the fiduciary relationship of the partners?
Write the word or group of words that identify each of the following statements. 1.The word added to the name of the partnership to inform the public that it is a limited partnership. 2. A partner whose liability is only up to his personal contribution into the partnership.
Indicate what is the difference between a general partnership and a limited liability company and when might each type of entity be used by completing the table below. Classify each characteristic as belonging to a "General partnership", a "Limited liability company", or both a "General partnership and limited liability company". Characteristic belongs to ... a. Partners are considered members b. Permitted to participate in management of the entity c. Creditors collect from both partnership assets and partners. d. The partners have unlimited liability for the entity's debt. e. Absent a personal guarantee, no liability for the entity's debt. f. Usually used for corporate joint ventures where the corporate partners are established with limited assets.
Which of the following statements is correct with regard to drawing accounts that may be used by a partnership? Group of answer choices A. Drawing accounts establish the amount that may be taken from partnership by a partner in a given time period B. Drawing accounts are closed to the partners’ capital accounts at the end of the accounting period C. Drawing accounts appear on the balance sheet as a contra-equity account D. Drawing accounts are similar to Retained Earnings in a corporation.