State the mutual rights of partners of a Limited Liability Partnership Firm in the absence of any agreement between the partners.
Q: Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir,…
A: Step 1: Preparation of journal entries.No.Account Titles and ExplanationsDebitCredit(a)Beson,…
Q: Can limited liability be used to shield a company from legal liabilities arising from its…
A: Organizations are usually subject to a legal concept widely known as limited liability. Limited…
Q: Identify a false statement.a. Appropriate amendments must be made to the articles of incorporation…
A: Corporate law is the corpus of legislation that controls the establishment, administration, and…
Q: Under what circumstances can a company's articles of association be altered?
A: The Companies Act outlines the legal framework and regulatory requirements that companies must…
Q: directors
A: The director is defined as the person who will be engaged in the position of the director in the…
Q: r the debts of
A: A sole proprietor is a sort of unincorporated substance that is claimed by one individual in…
Q: State and explain the two basic forms of Public - Private Partnership .
A: The term public-private partnership is a type of contractual agreement between the government and…
Q: State the advantages of limited-liability company (LLC).
A: A liability Company (LLC) could be a kind of business organization that consolidates the overall…
Q: Among three partners, unless they agree otherwise, unanimous consent is required to manage the…
A: In a business or organizational context, unanimous consent means that all parties or members…
Q: Compare and contrast a cash-out combination and a management buyout.
A: Cash-out combination: It is used to eliminate minority shareholders by forcing the shareholders to…
Q: Which legal form of business will allow the perpetual operation of a business? Choose one answer.…
A: At the point when you start a business, you should choose a lawful structure for it. Normally you'll…
Q: Explain what rights shareholders have in a Joint Stock company? Describe each right in detail.
A: А shаrehоlder (аlsо knоwn аs stосkhоlder) is аn individuаl оr institutiоn (inсluding а…
Q: .Discuss the rights and liabilities of a retiring partner ?
A: A partnership is a type of business structure in which two or more people share ownership of a…
Q: What are the essential elements of a partnership under the Partnership Act?
A: Partnership Act: A law that governs the formation and operation of partnerships in a particular…
Q: explain the circumstances under which each of the following type of ownership would be most…
A: Joint tenancy is a type of ownership that allows multiple individuals to own a property together.…
Q: Examine the basic elements in wills, estates, and trusts.
A: The term estate planning refers to a process that is used to decide how the assets of a person will…
Q: The X Corporation manufactures machine tools. The five directors of X Corporation are Black, White,…
A: In this scenario, X Corporation is facing legal issues related to the actions of its directors. The…
Q: Which of the following items is NOT to be placed in the articles of organization of a limited…
A: In соrроrаte gоvernаnсe, а соmраny's аrtiсles оf аssосiаtiоn is а dосument whiсh, аlоng…
Q: Explain the procedure of registration of partnership firm .
A: A partnership firm is a type of business organization in which two or more individuals come together…
Q: What are the rules regarding the expulsion of a partner from the partnership?
A: A partnership is a legal form of business organization where two or more individuals, called…
Q: Chris and Maurice formed a new limited liability company and invested $1,000,000 of equity in an…
A: Therefore, upon the sale of the property, Maurice would receive a total of $1,070,000, which matches…
Q: Partnership agreements often include provisions that excuse partners from liability if they act in…
A: A partnership is a formal arrangement is an agreement between 2 or more business parties where these…
Q: State the main contents of Partnership Deeds.
A: Partnership Deeds are an important document that describes the terms and circumstances of a…
Q: partnership causes it to dissolve
A: The correct answer is Lack of continuity.
Q: Explain the process of forming a corporation.
A: Corporation- A legal entity that is distinct and separated from its owners is called a corporation.…
Q: The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement).…
A: Partnership refers to the type of business in which two or more persons make forma agreement to…
Q: Explain limited-liability partnership (LLP).
A: A partner is a participant in a partnership. It is an entity in which both the profits or losses of…
Q: A business firm whose shares are held by a single person may be a sole proprietorship, but it cannot…
A: A corporation can be defined as a legal entity which is separate and distinct from its shareholders…
Q: Identify the causes of dissolution of a partnership and the conditions under which partners have the…
A: The major causes of Partnership dissolution are: By order of Court: In many cases the court has the…
Q: Describe features of Sole Proprietorship and elaborate the advantages and disadvantages of the Sole…
A: A sole proprietorship is the simplest and most common form of business ownership. It is owned and…
Q: In Salomon v Salomon it was held that following a proper incorporation, the company becomes a legal…
A: Please find the answer below.Separate legal personality :- A key concept in company law known as…
Q: Differentiate between the legal status of a partnership and a company in tax law. Please give…
A: When considering the appropriate legal structure for a business, understanding the differences in…
Q: Compare and contrast a general partnership to a sole proprietorship.
A: The objective of this question is to understand the differences and similarities between a general…
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