A partnership characteristic which states that a partner, acting within the scope of the operations of the business, may bind the partnership and make it liable to third parties is termed as O Voluntary association O Co-ownership of assets O Separate legal entity O Mutual agency
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- 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 partnershipsWhich 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 contributionsWhen a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?
- The 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 theoryWhich of the following is correct with regards to partnership liquidation? a. All creditors must be paid in full before distributions can be made to partners b. Partners’ capital contributions and undistributed partnership income are viewed as distinct in the Uniform Partnership Act c. All creditors are equal with regards to priority claim against partnership assets d. Loans from partners to the partnership have same priority claim against partnership assets as to creditor claims from other entitiesAccording to the provisions within the Uniform Partnership Act, in which of the following instances would a general partnership be treated as a separate legal entity from its partners a. partner's limited liability to partnership assets b. partners to be treated as employees of the partnership Oc. Partnership payment of income taxes on partnership income. Cd. Partnership acquiring title and ownership of property
- A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions or those who are acting under their direct supervision is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencyEvery partner may do acts of administration if there was no designated managing partner in the articles of partnership. What principle is applied? Mutual agency Entity theory Fiduciary duty Delegation of authorityThe CORRECT statement concerning partnerships is: O A partnership represents an accounting entity for financial reporting purposes. Each partner's share of profit is taxable to the partnership. The personal assets of a partner are included in the partnership accounting records. O Accountants or lawyers may not form partnerships.
- What is the characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts called? Group of answer choices unlimited liability ease of formation dissolution mutual agencyDistinguish between admission of a new partner to a partnership (a) via the acquisition of an interest from another partner and (b) through the transfer of assets to the partnership.A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agency