Partnership : Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio. The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want. To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Question

Want to see more full solutions like this?

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Get correct answer this general accounting question

correct answer please

Hi experts please answer the financial accounting question

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Answer 6

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Answer 7

Chapter 12, Problem 1DQ

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

The Duration of Partnership: A partnership may be formed for a particular period; in such case, the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

To determine: The duration of the partnership if the partnership duration is not mentioned in the partnership contract.

Answer 8

Expert Solution & Answer

Explanation of Solution

Explanation:

If the partnership contract specifies the duration of the partnership, in such case the duration of the partnership is limited to that period. But if the duration of the partnership is not mentioned in the partnership agreement, then the partnership is considered as Partnership at will. The duration of the partnership at will depend upon the partner’s will, they can continue the partnership until the desire and dissolve the partnership when they want.

Hence, the partnership duration is not mentioned in the partnership contract, then the partnership can be ended by the partnership at any time at their will.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 12 Solutions