The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership , and corporation. Each form of the business has different characteristics and form of business used as per the need of the business. To indicate: why partnership form of business is preferred over the corporate or sole proprietorship forms.

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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 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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Financial Accounting Question please answer

Calculate total cost of goods manufacture for 2023

BK Chemicals produces two industrial chemical compounds, L35 and M50, from the same process, which last year, cost $400,000. BK produced 15,000 gallons of L35, which sells for $50 per gallon, and 30,000 gallons of M50, which sells for $30 per gallon. Using the relative sales value method, how much of the joint cost should be allocated to L35?

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 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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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 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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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 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

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

Answer 5

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

Answer 6

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

Answer 7

Chapter 15, Problem 15.1Q

To determine

Concept Introduction:

The form of a business indicates its legal status and identification. Some forms of a business are proprietorship, partnership, and corporation. Each form of the business has different characteristics and form of business used as per the need of the business.

To indicate:why partnership form of business is preferred over the corporate or sole proprietorship forms.

Answer 8

Expert Solution & Answer

Explanation of Solution

A partnership is a form of the business in which two or more persons join the business as partners. Hence a partnership form allows adding more than one business owner’s unlike in proprietor ship which does allow adding partners in the business.

Although a corporate form of business allows adding more than one business owners but it imposes several legal formlaltiies on the business which is a hectic task for small and medium level businesses. Hence partnership is preferred over the corporate or sole proprietorship forms as it provide benefits of both forms of the businesses.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 15 - Prob. 15.1Q Ch. 15 - Prob. 15.2Q Ch. 15 - Prob. 15.3Q Ch. 15 - Prob. 15.4Q Ch. 15 - Under what circumstances would a partner’s capital...Ch. 15 - Prob. 15.6Q Ch. 15 - Prob. 15.7Q Ch. 15 - Prob. 15.8Q Ch. 15 - Prob. 15.9Q Ch. 15 - Prob. 15.10Q

Explanation of Solution

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