A partnership whose main activity is rendering services (examples include public accounting firms, law and notarial offices, and diagnostic and medical clinics) is classified as a O Non-trading partnership O Trading partnership O General partnership O Limited partnership
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- 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 agencyThe 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 theoryA 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
- 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:The 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.In 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)
- Which of the following is NOT a principal characteristic of the partnership form of business organization? Association of individuals Limited liability Limited life Mutual agencyWhich 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.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 agency
- 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.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 nameWhen 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