Which of the following is NOT a characteristic of a partnership?
Which of the following is NOT a characteristic of a partnership?
a) Partners are able to contract on behalf of the partnerships.
b) Partnership income is tax free
c) Partnerships are easy to form
d) Partners have mutual agency
Homework Answers
As per the partnership Act, 1932, the correct answer is b) Partnership income is tax free.
Which of the following is not a characteristic of a general partnership?a)the partnership is created by...
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Which of the following is a characteristic of a general partnership?
Which of the following is a characteristic of a general partnership? a. The partnership is subject to federal income tax. b. The partners have limited liability. c. The partnership has an unlimited life. d. The partners have co-ownership of partnership property.
Which of the following is not a principal characteristic of the partnership form of business organization?...
Which of the following is not a principal characteristic of the partnership form of business organization? a. Mutual agency b. Association of individuals c. Limited liability d. Limited life The basis for dividing partnership net income or net loss is referred to as any of the following except the a. income ratio. b. income and loss ratio. c. profit and loss ratio. d. capital ratio.
which of the following is NOT a characteristic of a partnership? A. Unlimited liability B. Mutual...
which of the following is NOT a characteristic of a partnership? A. Unlimited liability B. Mutual Agency C. Co-ownership of property D. Unlimited life
Which of the following is not a legal characteristic of a general partnership?
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QUESTION 11 A partnership capital account is opened for each partner to: a) Keep track of...
QUESTION 11 A partnership capital account is opened for each partner to: a) Keep track of the partners share of profits b) Keep track of the partners original and subsequent contributions c) Keep track of the partners drawing from the partnership d) All of the options avialable QUESTION 12 Which of the following statements is NOT true in regards to partnerships? a) Partners are not easily able to limit their liability b) Partnerships pay a company tax rate of 30%....
The individual assets invested by a partner in a partnership a revert back to that partner...
The individual assets invested by a partner in a partnership a revert back to that partner if the partnership liquidates. e determine that partner's share of net income or loss torre you c. are jointly owned by all partners. d. determine the scope of authority of that partner. Which one of the following would not be considered e following would not be considered a disadvantage of the partnerstig om organization? a. Limited life b. Unlimited liability c. Mutual agency d....
dete te tope i authority of that partner. Which of the following is NOT a characteristic...
dete te tope i authority of that partner. Which of the following is NOT a characteristic of a partnership? a Double taxation-, CA tta c.ri.ir b. Unlimited liability c. Mutual agency d. Ease of formation 4. On lanuary 1. 2006, victor and Nikki have capital account balances of $80,000 and $100,000. Their partnership agreement provides for interest allowances of $8,000 and $10,000 respectively; salaries of $30,000 to Victor and $24,000; and the remainder divided 6:4 respectively. Victor's share of the...
With regard to fringe benefits offered to partners, which of the following is correct? a. partnership-paid...
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yoda and jabba recently joined together to form "Star Wars Master Trianers Partnership," which will provide...
yoda and jabba recently joined together to form "Star Wars Master Trianers Partnership," which will provide extensive personal training to potential Jedis. Yoda invested $120,000 cash, while Jabba invested $46,000 of equipment and $22,000 cash. then partners are trying to decide on a fair way of splitting up the anticipated partnership net income. They have asked you to develop a worksheet to allow them to see how much net income will be allocated to each partner as assumptions change regarding...
Which of the following is not a principal characteristic of the partnership form of business organization? a. Mutual agency b. Association of individuals c. Limited liability d. Limited life The basis for dividing partnership net income or net loss is referred to as any of the following except the a. income ratio. b. income and loss ratio. c. profit and loss ratio. d. capital ratio.
The individual assets invested by a partner in a partnership a revert back to that partner if the partnership liquidates. e determine that partner's share of net income or loss torre you c. are jointly owned by all partners. d. determine the scope of authority of that partner. Which one of the following would not be considered e following would not be considered a disadvantage of the partnerstig om organization? a. Limited life b. Unlimited liability c. Mutual agency d....
dete te tope i authority of that partner. Which of the following is NOT a characteristic of a partnership? a Double taxation-, CA tta c.ri.ir b. Unlimited liability c. Mutual agency d. Ease of formation 4. On lanuary 1. 2006, victor and Nikki have capital account balances of $80,000 and $100,000. Their partnership agreement provides for interest allowances of $8,000 and $10,000 respectively; salaries of $30,000 to Victor and $24,000; and the remainder divided 6:4 respectively. Victor's share of the...
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