State one advantage and one disadvantage of Sumit and Theo being in a partnership
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State one advantage and one disadvantage of Sumit and Theo being in a
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- Why is it important for all partners in a partnership to be on the same page in regard to the method used? What happens if they can not agree?Which one of the following would not be considered a disadvantage of the partnership form of organization?* O Limited life Unlimited liability O Mutual agency O Ease of formationWhich of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resources
- Which of the following is NOT a characteristic of a partnership? a. Partners have mutual agency b. Partners are able to contract on behalf of the partnerships. c.Partnership income is tax free d.Partnerships are easy to formWhich one of the following is not an advantage of partnership? a. Less profit because profit is shared b. Increased capital c. Increased knowledge and specialist skills d. Shared riskCompare and contrast the benefits and detriment of being a general partner versus a limited partner of a limited partnership?
- 25. TRUE or FALSE: Partnership by estoppel applies in situations where participants are not, in fact, partners but are held to be liable as if they were. Group of answer choices True FalseThe following are rights of a partner in a partnership, except one: Right to compensation Right to information Right to return of capital Right to agencychoose the response that correctly the following sentence about an individual partner's outside basis in a partnership. a partner's outside basis? (a) can be less than zero, (b) does not change as long as the partner maintains their partnership interest, (c) is used to apply the basis limitation to losses from a partnership, (d) must be tracked by the partnership.
