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

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

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 3BD

See similar textbooks

Similar questions

A 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 rate
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 agency
According 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
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.
When a partnership is created, what is the contract called that gives the amounts invested by each partnership, how income and losses should be distributed, etc.? Group of answer choices partnership charter partnership partnership agreement none of these
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 Mutual agency
Determine whether each characteristic describes a general partnership (GP), limited liability company(LLC), both, or neither. Ownership is split among two types of owners: general and limited partners.
The persons who form a partnership may be: Only individuals Only individuals or corporations Only individuals or other partnerships Individuals, corporations, or other partnerships Ans Individuals, corporations, or other partnerships The agreement to form a partnership is typically termed the:
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.
The partner in a limited partnership that has unlimited liability is referred to as the Seleccione una: a. unlimited partner. b. head partner. c. lead partner. d. general partner.
Which of the following is true in relation to a partnership? a. A partnership is a separate legal entity Ob. A partnership is jointly owned and managed by the partners C. A partnership can raised capital by issuing shares to the members of the publie d. A partnership is able to own property and other assets in its own name
Characteristics of a general partnership include all of the following except: Multiple Choice Limited life. Mutual agency. Unlimited liability. A corporate business income tax. Voluntary association.