Choose the response that correctly describes a guaranteed payment. (a) A loan payment from the partnership to pay back a loan from a partner. (b) A loan payment from the partner to pay back a loan from a partnership. (c) A payment made to a partner from the profits of the partnership. (d) A payment made to a partner without regard to the income of the partnership
Choose the response that correctly describes a guaranteed payment. (a) A loan payment from the partnership to pay back a loan from a partner. (b) A loan payment from the partner to pay back a loan from a partnership. (c) A payment made to a partner from the profits of the partnership. (d) A payment made to a partner without regard to the income of the partnership
Choose the response that correctly describes a guaranteed payment. (a) A loan payment from the partnership to pay back a loan from a partner. (b) A loan payment from the partner to pay back a loan from a partnership. (c) A payment made to a partner from the profits of the partnership. (d) A payment made to a partner without regard to the income of the partnership
Choose the response that correctly describes a guaranteed payment.
(a) A loan payment from the partnership to pay back a loan from a partner.
(b) A loan payment from the partner to pay back a loan from a partnership.
(c) A payment made to a partner from the profits of the partnership.
(d) A payment made to a partner without regard to the income of the partnership
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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