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

51
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?
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
At the local TD Bank ATM, there is a notice posted. It reads as follows: "Non-customers will be charged a fee of $3 per transaction for withdrawals at this ATM". Where would the fee income from this ATM show up in TD Bank's income statement? A) It would be included in its net interest income B) It would be included in its income from proprietary trading of securities C) It would be included in its income from sale of assets D) It would be included in its non-interest income
Q: Compare the characteristics of organizational and legal forms of enterprises: Criteria The organizational and legal form Individual entrepreneur Economic partnership (LLC) Economic society (JSC) Simplicity of the creation Control over the activities Liability of the owners Investment Liquidity* Period of existence
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
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
. Write the word or group of words that identify each of the following statements. 1.A partner who has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm. 2. The government body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines.
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 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.
A major issue faced by people who are starting their own business is the form of organization they should select. What are some major characteristics of a partnership that might influence their decision?
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.