E12-1 Mark Rensing has prepared the following list of statements about partnerships.
E12-1 Mark Rensing has prepared the following list of statements about partnerships.
1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit.
2. The legal requirements for forming a partnership can be quite burdensome.
3. A partnership is not an entity for financial reporting purposes
4. The net income of a partnership is taxed as a separate entity.
5. The act of any partner is binding on all other partners, even when partners perform business acts beyond the scope of their authority.
6. Each partner is personally and individually liable for all partnership liabilities.
7. When a partnership is dissolved, the assets legally revert to the original contributor.
8. In a limited partnership, one or more partners have unlimited liability and one or more partners have limited liability for the debts of the firm.
9. Mutual agency is a major advantage of the partnership form of business. Instructions Identify each statement as true or false. Il false, indicate how to correct the statement.
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E12-1 Mark Rensing has prepared the following list of statements about partnerships.
E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin...
E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements 5. The act of any partner is bin uirements for forming a partnership can be quite burdensome. artnership is not an entity for financial report fa partnership is taxed as a separate entity. The net income of a partnership is taxed ny...
Which of the following statements is true as it relates to limited liability partnerships? A. Only...
Which of the following statements is true as it relates to limited liability partnerships? A. Only senior partners are liable for the partnership's debts. B. Partners are personally liable for the acts of those under their supervision. C. Partners have no liability in a limited liability partnership arrangement. D. All partners must be AICPA members.
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in cach blank...
Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in cach blank with the exact legal term. 1. A business organization in which the owner has total control and unlimited personal liability is known as a 2. (True False) Opening a sole proprietorship requires many legal formalities. 3. In this type of partnership, the partners divide the profits (usually equally) and the management responsibilities and share unlimited personal liability for debts. 4. A partnership in which...
Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in each blank...
Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in each blank with the exact legal term. 1. A business organization in which the owner has total control and unlimited personal liability is known as a 2. (True False) Opening a sole proprietorship requires many legal formalities. 3. In this type of partnership, the partners divide the profits (usually equally) and the management responsibilities and share unlimited personal liability for debts. 4. A partnership in which...
IDENTIFICATION each of the following Instructions: Write the word or group of words that identify each...
IDENTIFICATION each of the following Instructions: Write the word or group of words that identify each of the fol statements. mited liability excepi 1. A partnership wherein all the partners have limited liability for at least one general partner 2. The contribution of an industrial partner. 3. A partner who contributes money, property, and industry. 4. A characteristic of a partnership wherein any partner can act in behalf of the partnership as long as these acts are within the scope...
Andrea has prepared the following list of statements about corporations. Identify each statement as true or false.
Exercise 13-01 Andrea has prepared the following list of statements about corporations. Identify each statement as true or false. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation has most of the rights and privileges of a person. 3. Most of the largest U.S. corporations are privately held corporations. Corporations may buy, own, and sell property; borrow money: enter Into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not...
Next to the following list of eight characteristics of business organizations, select a brief description of...
Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. Descriptions High because buying stock is attractive Characteristic 1. Ability to raise large capital amounts 2. Duration of life 3. Government regulation 4. Legal status 5. Mutual agency 6. Owner authority and control 7. Owner liability 8. Tax status of income High because buying stock is attractive Indefinite More severe than partnerships and proprietorships Entity with similar rights...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
E12-1 Mark Rensing has p ing has prepared the following list of statements about partnerships. bin is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements 5. The act of any partner is bin uirements for forming a partnership can be quite burdensome. artnership is not an entity for financial report fa partnership is taxed as a separate entity. The net income of a partnership is taxed ny...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in cach blank with the exact legal term. 1. A business organization in which the owner has total control and unlimited personal liability is known as a 2. (True False) Opening a sole proprietorship requires many legal formalities. 3. In this type of partnership, the partners divide the profits (usually equally) and the management responsibilities and share unlimited personal liability for debts. 4. A partnership in which...
Business Law II - Chapter 35 Forms of Business Organization Name Date Fill in each blank with the exact legal term. 1. A business organization in which the owner has total control and unlimited personal liability is known as a 2. (True False) Opening a sole proprietorship requires many legal formalities. 3. In this type of partnership, the partners divide the profits (usually equally) and the management responsibilities and share unlimited personal liability for debts. 4. A partnership in which...
IDENTIFICATION each of the following Instructions: Write the word or group of words that identify each of the fol statements. mited liability excepi 1. A partnership wherein all the partners have limited liability for at least one general partner 2. The contribution of an industrial partner. 3. A partner who contributes money, property, and industry. 4. A characteristic of a partnership wherein any partner can act in behalf of the partnership as long as these acts are within the scope...
Next to the following list of eight characteristics of business organizations, select a brief description of how each characteristic applies to corporations. Descriptions High because buying stock is attractive Characteristic 1. Ability to raise large capital amounts 2. Duration of life 3. Government regulation 4. Legal status 5. Mutual agency 6. Owner authority and control 7. Owner liability 8. Tax status of income High because buying stock is attractive Indefinite More severe than partnerships and proprietorships Entity with similar rights...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
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