A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partner

Question

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Answer 1

Textbook Question

Chapter 15, Problem 1MC

A partnership ________.

A. has one owner

B. can issue stock

C. pays taxes on partnership income

D. can have more than one general partner

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.

Expert Solution & Answer

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer to Problem 1MC

D. Can have more than one general partner.

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

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Answer 2

Textbook Question

Chapter 15, Problem 1MC

A partnership ________.

A. has one owner

B. can issue stock

C. pays taxes on partnership income

D. can have more than one general partner

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.

Expert Solution & Answer

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer to Problem 1MC

D. Can have more than one general partner.

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

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Answer 3

Textbook Question

Chapter 15, Problem 1MC

A partnership ________.

A. has one owner

B. can issue stock

C. pays taxes on partnership income

D. can have more than one general partner

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.

Expert Solution & Answer

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer to Problem 1MC

D. Can have more than one general partner.

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

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Answer 4

Textbook Question

Chapter 15, Problem 1MC

A partnership ________.

A. has one owner

B. can issue stock

C. pays taxes on partnership income

D. can have more than one general partner

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.

Expert Solution & Answer

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer to Problem 1MC

D. Can have more than one general partner.

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer to Problem 1MC

D. Can have more than one general partner.

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

Answer 8

Expert Solution & Answer

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer to Problem 1MC

D. Can have more than one general partner.

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Concept Introduction:The business organization is referred to as an entity that is established to run a commercial business. The different form of business organization includes partnership, sole proprietorship, and company.

To choose:The correct option.

Answer 12

Answer to Problem 1MC

D. Can have more than one general partner.

Answer 13

Explanation of Solution

Explanation for the correct answer: A partnership is referred to as a form of business organization under which two or more than two persons join to run the legal business. The partners contribute property, services, and money in the business. A partnership has more than one general partner. Therefore, it is the correct answer.

Explanation for the incorrect answers:

A. has one owner: A partnership is formed to run a legal business by two or more than two persons. Each person in the partnership is the owner. A partnership has more than one owner. Therefore, it is an incorrect answer.

B. can issue stock: The partnership does not have a right to issue stock for raising capital. Partnership does not have securities to issue. Therefore, it is an incorrect answer.

C. pays taxes on partnership income: The partners are not liable to pay taxes on the partnership income. The partners are liable to pay personal tax. Therefore, it is an incorrect answer.

Answer 14

Ch. 15 - A partnership ________. A. has one owner B. can...Ch. 15 - Any assets invested by a particular partner in a...Ch. 15 - Which of the following is a disadvantage of the...Ch. 15 - Mutual agency is defined as: A. a mutual agreement...Ch. 15 - Chani contributes equipment to a partnership that...Ch. 15 - Juan contributes marketable securities to a...Ch. 15 - Which one of the following would not be considered...Ch. 15 - A well written partnership agreement should...Ch. 15 - What type of assets may a partner not contribute...Ch. 15 - How does a newly formed partnership handle the...

A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partner

Answer to Problem 1MC

Explanation of Solution

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