Question 2 Which of the following are imposed rules on general partnerships? Each general partner is considered to be an agent for the partnership and for each partner, as long as the partner is acting in a business-related matter. Each general partner is personally liable, without limit, for torts or contracts if the partnership has insufficient assets to cover the debt or liability. Each general partner is expected to devote service only to the partnership and not to any competing business ventures. O All of the above.

Question 2 Which of the following are imposed rules on general partnerships? Each general partner is considered to be an agent for the partnership and for each partner, as long as the partner is acting in a business-related matter. Each general partner is personally liable, without limit, for torts or contracts if the partnership has insufficient assets to cover the debt or liability. Each general partner is expected to devote service only to the partnership and not to any competing business ventures. O All of the above.

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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QUESTION 3 In accordance with the INCORPORATED PRIVATE PARTNERSHIPS ACT, 1962 (ACT 152) as amended, answer the following questions: 1) What must be the content of the partnership agreement to be delivered to the Registrar? 2) The registrar may refuse to register the firm under certain conditions. State the circumstances. 3) What are the powers of the partners? 4) Outline the process of dissolution of partnership firms. 5) State the rules applicable in settling accounts between partners. 6) How does a partnership firm voluntarily wind up? 7) How does a partnership firm wind up under the order of a court? 8) Under what circumstances can a partner bind the firm and what are the fiduciary relationship of the partners?
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Write the word or group of words that identify each of the following statements. 4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 5. A partnership which failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when industry is contributed into the partnership.
Question: 1) one of the advantages of operating a partnership business is that it has limited liability. reqiured: please answer this question by giving the correct answer by stating whether this statement is true or false.
Partner’s interest in a partnership is generally equal to: a)The fair value of net assets at date of contribution. b)The sum of the fair values of the assets the partner contributes to the firm, increased by any liabilities of other partners assumed and decreased by any personal liabilities that are assumed by other partners. c)The sum of the bases of the individual assets the partner contributes to the firm decreased by the partner’s share of partnership liabilities. d)The unamortized cost of the assets to the partner.
This characteristic explains why partners have a right to choose or refuse who they want to be associated with in the partnership. O Contractual relationship Based on contract O Mutual agency O Voluntary association
11. Who is a fiduciary, an 12. What are the different forms of business entities - sole proprietorships, partnerships, corporations. What are the key differences, advantages and disadvantages 13. What is the difference between a general partnership, limited partnership and a limited liability partnership
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1. Statement I: One who lends money/credit to the owner of a business establishment in consideration of which he will share in the profits in repayment of such credit, is presumed to be a partner. Statement II: If an employee received a share in the profits of the partnership in consideration of rendition of services, does not make the employee a partner. Both statements are True Statement I is True; Statement II is False Statement I is False; Statement II is True Both statements are False 2. A, B, and C are partners contributing the following amount: A=P50,000 B=25,000 and C=25,000. The partners did not agree on the profit and loss sharing. If there is a loss of P90,000, how much is their respective shares? A= 45,000, B=22,500 C=22,500 A= 50,000, B=20,000 C=20,000 A= 30,000, B=30,000 C=30,000 There will be no distribution of loss because it is not stipulated in the agreement. 3. Statement I: The mere sharing of gross returns establish the fact that it is a partnership, no…
How does a limited liability partnership (LLP) differ from a general partnership? Legal limits have been established regarding the number of people who can participate in the LLP. OLLP partners are liable for some or all of the obligations of the partnership, but have limited liability for the negligence or malpractice of other partners. O LLP partners have limited liability for the obligations of the partnership but unlimited liability for the negligence or malpractice of other partners. Participation in the LLP is limited to members of a regulated profession, such as accounting or health care. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.