The partnership form of business is *restricted to law and medical practices.restricted to firms having fewer than 10partners.not restricted to any particular type ofbusiness.most often used in relatively largecompanies.

A partnership is a form of business where two or more people share ownership, as well as the…

Answered: The partnership form of business is…

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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Similar questions

What options does a group of people have when forming a business? Why might a partnership not be the best form of business organization? What other options might they have?
Which of the following is a disadvantage of general partnerships? a) A partner who withdraws from a partnership cannot be held liable for any debts the firm had at the time of withdrawal. b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. c) All general partners have unlimited liability for the debts and obligations of their business. d) The partners in a general partnership are exposed to double taxation.
The Limited Liability Company (LLC) is a step above the sole proprietorship and partnership in that it does not limit the owners' personal liability and can more easily obtain funding from lenders and investors. Select one: True False
Which of the following statements is true about different types of firms? O Corporations do not have limited liability O Owners of a corporation are liable for any obligations it enters into O Partnerships are the most common type of business firms in the world O A limited liability company is like a corporation because its owners are not personally liable for the firm's debts
which type of organization should be formed. Rob and Bran want to form a snow removal business. They are deciding between a general partnership and a limited liability company. Bran says it is important that the two have limited liability and do not pay corporate income taxes.
one who is limited as to how many partnerships he or she can a partner When a partner chooses to leave a partnership and the business continues with the remaining partners, this is called O dissociation O dissolution O disillusion O depression
Question One: State whether each of the following statements is true or false and correct the false statements: 1. General partnerships are not subject to taxes on its income. 2. Double taxation is one of the major disadvantages of partnerships. 3. In limited partnerships limited partner has the right to manage the business. 4. Mutual agency does not exist in partnerships. 5. Corporations can be formed by a verbal agreement.
A partner who does not take active part in the business and is not known to be a partner O A. Dormant partner B. Retiring partner C. Sub-partner D. Ostensible partner
Please help with this Accounting type Question: If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to A. Current account B Loan account C. Reserve account D. None of the above
Which of the following is NOT the weaknesses of sole proprietorship? Manakah di antara berikut BUKAN kelemahan perniagaan milikan tunggal? Select one: A. Limited skills and capability /Keupayaan dan kemahiran terhad B. Do not have proper financial record /Tidak memiliki rekod kewangan yang baik C. Unlimited liability /Liabiliti tidak terhad D. Business information can be kept confidential /Maklumat perniagaan tidak perlu didedahkan
Which of the following is a distinguishing feature of a limited liability partnership? Question 10 options: a) It is intended to address the concerns of professionals who are not permitted to form corporations. b) It is a form of business that is not yet available in Canada. c) Its partners are shareholders. d) The liability of some of the partners is limited to their capital contribution.
As regards capitalist partners, the prohibition may extend to operation which is of

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The partnership form of business is restricted to law and medical practices. restricted to firms having fewer than 10 partners. not restricted to any particular type of business. most often used in relatively large companies.