ADVANCED ACCOUNTING W/ACCESS >CUSTOM<
14th Edition
ISBN: 9781307594683
Author: Hoyle
Publisher: MCG/CREATE
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Chapter 14, Problem 3P
To determine
Identify the correct statement that best describes the articles of
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Which of the following best describes the articles of partnership agreement?
The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.
The articles of partnership are a legal covenant and must be expressed in writing to be valid.
The articles of partnership are an agreement that limits partners’ liability to partnership assets.
The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
Choose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
Which of the following best describes the articles of partnership agreement?
Multiple Choice
The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership's operations.
The articles of partnership are an agreement that limits partners' liability to partnership assets.
The articles of partnership are a legal covenant and must be expressed in writing to be valid.
The purpose of the partnership and partners' rights and responsibilities are required elements of the articles of partnership.
Chapter 14 Solutions
ADVANCED ACCOUNTING W/ACCESS >CUSTOM<
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - Prob. 8QCh. 14 - Prob. 9QCh. 14 - Prob. 10Q
Ch. 14 - Prob. 11QCh. 14 - Prob. 12QCh. 14 - What is a partnership dissolution? Does...Ch. 14 - Prob. 14QCh. 14 - Prob. 15QCh. 14 - Prob. 16QCh. 14 - Prob. 17QCh. 14 - When a partner withdraws from a partnership, why...Ch. 14 - Prob. 1PCh. 14 - Prob. 2PCh. 14 - Prob. 3PCh. 14 - Prob. 4PCh. 14 - Prob. 5PCh. 14 - Prob. 6PCh. 14 - Prob. 7PCh. 14 - Prob. 8PCh. 14 - Prob. 9PCh. 14 - Prob. 10PCh. 14 - Prob. 11PCh. 14 - Prob. 12PCh. 14 - Prob. 13PCh. 14 - Prob. 14PCh. 14 - Prob. 15PCh. 14 - Prob. 16PCh. 14 - Prob. 17PCh. 14 - Prob. 18PCh. 14 - Prob. 19P
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- Match each of the following descriptions with the appropriate term related to partnership accounting.arrow_forwardA well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax ratearrow_forwardThe characteristic of a partnership where a partner is an agent for other partners and the partnership when transacting partnership business is: a. a fiduciary relationship b. tenancy in partnership c. mutual agency d. the proprietary theoryarrow_forward
- Briefly introduce the legal nature of partnerships and companies, with emphasis on the contractual principles governing the formation and discharge of partnership agreement.arrow_forwardDescribe the purpose of the articles of partnership and list specific items that should be included in this agreement.arrow_forwardWhat is the principle of "mutual agency" and why is it important in the context of partnership law? Identify an exception to this principle in your answer. JE k HO I XA Garrow_forward
- (a) Explain the following (i) Partnership Deed (ii) Articles of Association (iii) Memorandum of Associationarrow_forwardA general partnership may be formed by Group of answer choices either oral or written agreement. oral, written, or implied agreement. written agreement. oral agreement.arrow_forwardbriefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution and also tell the relationship among themarrow_forward
- Why it is considered desirable to make the partnership agreement in writing.arrow_forwardDiscuss the concept of a partner being an agent of the partnership.arrow_forwardIn general, a partnership is described as a legal relationship that exists between two or more people who carry on a joint business with the goal of benefit. (a) Describe the different types of partners and their characteristics. (attached point form answer for this question; kindly assist me to elaborate more on each points) (b) Determine the conditions that must be met for a partnership to exist.(attached point form answer for this question; kindly assist me to elaborate more on each points)arrow_forward
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