All of the following are examples of partnerships EXCEPT:(a) Brian and his friend Manuel formed a limited liability partnership (LLP) for their landscaping business.(b) Ethan and his wife, Angelique, operate their restaurant activities as a qualified joint venture.(c) Frank and his sister Lenore co-own rental property. They do not provide any services for the activity.(d) Venus and her brother Stefan do not have a written partnership agreement. Together they own and operate an unincorporated graphic design company.

Partnership is the type of business in which two or more person works together to achieve the common…

Answered: All of the following are examples of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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All of the following are examples of partnerships EXCEPT:

(a) Brian and his friend Manuel formed a limited liability partnership (LLP) for their landscaping business.
(b) Ethan and his wife, Angelique, operate their restaurant activities as a qualified joint venture.
(c) Frank and his sister Lenore co-own rental property. They do not provide any services for the activity.
(d) Venus and her brother Stefan do not have a written partnership agreement. Together they own and operate an unincorporated graphic design company.

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.

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