Person D and person E are partners in an architectural firm. Person D dies and his widow alleges that she is entitled to the position of D in the firm or to receive a share of profit that is earned by the firm. To find: The entitlement of the widow of person D for the position in the partnership firm.

Question

A, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses. Select one: a. Partner B b. Partner C c. Partner A d. All the partners

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 2IS

Summary Introduction

Case summary:Person D and person E are partners in an architectural firm. Person D dies and his widow alleges that she is entitled to the position of D in the firm or to receive a share of profit that is earned by the firm.

To find: The entitlement of the widow of person D for the position in the partnership firm.

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A, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses. Select one: a. Partner B b. Partner C c. Partner A d. All the partners

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Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 2IS

Summary Introduction

Case summary:Person D and person E are partners in an architectural firm. Person D dies and his widow alleges that she is entitled to the position of D in the firm or to receive a share of profit that is earned by the firm.

To find: The entitlement of the widow of person D for the position in the partnership firm.

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 2IS

Summary Introduction

Case summary:Person D and person E are partners in an architectural firm. Person D dies and his widow alleges that she is entitled to the position of D in the firm or to receive a share of profit that is earned by the firm.

To find: The entitlement of the widow of person D for the position in the partnership firm.

Expert Solution & Answer

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See solution

Check out sample textbook solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 2IS

Summary Introduction