Homework Answers
| Option C is the answer | |
| A sole proprietor, partner in general partner and general partners in limited partnership have unlimited liability where as general partner in a limited liability limited partnership does not |
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Which of the following would not be personally liable for the debts of the business? A...
A general partner in a partnership is a partner who __________. Is personally liable for partnership...
A general partner in a partnership is a partner who __________. Is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. Is personally liable for the partnership's nonrecourse loans. Is personally liable for partnership debts. Adheres to generally accepted accounting principals.
A partnership is appropriate if you do not want to be the sole owner. However, the...
A partnership is appropriate if you do not want to be the sole owner. However, the risks are similar as a sole proprietor in regards to personal assets. There are two types of partnerships: general partnership and limited partnership. In a general partnership, all partners are personally liable for business debts. Any partner can be totally responsible for the business AND any partner can make decisions regarding the business on their own. How does this influence your decision-making regarding with...
partners. The partners who manage the limited partnership and are personally liable for the firm debts...
partners. The partners who manage the limited partnership and are personally liable for the firm debts are called the O a unreserved O b. licensed O c.active O d. general
Which of the following is a definition of limited liability? O A. Owners are not personally...
Which of the following is a definition of limited liability? O A. Owners are not personally liable for the debts of the corporation. OB. The owners investment in the business is limited to a certain percentage. OC. Owners are personally liable for the debts of the corporation. OD. Creditors' claims can be satisfied only by the assets of the corporation and the individual owners.
Which one of the following statemernts concerning a partnership is true? Select one: O a. A...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
Which of the following is true? Group of answer choices A. Under the partnership form of...
Which of the following is true? Group of answer choices A. Under the partnership form of business organization, the owners are not personally liable for the debts of the business. B. When employees are paid by the hour, their incentive to shirk is removed. C. The limited liability of stockholders under the corporate business structure makes it easier to raise equity capital. D. Under the corporate form of business organization, the owners of the firm are personally liable for its...
In a limited partnership, general partners: a. are not liable for the firm's debts. b. are...
In a limited partnership, general partners: a. are not liable for the firm's debts. b. are nonparticipating investors. c. have the right to manage the business. d. cannot transfer their ownership interest.
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...
Mark for follow up Question 21 of 75. Which business is the best example of a...
Mark for follow up Question 21 of 75. Which business is the best example of a limited partnership? O Joe and Darryl operate a music studio and are both personally liable for the debts of the business. O Ken and Sherry operate an ice cream parlor and are both personally liable for the debts of the business. Susan works in the O Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave...
partners. The partners who manage the limited partnership and are personally liable for the firm debts are called the O a unreserved O b. licensed O c.active O d. general
Which of the following is a definition of limited liability? O A. Owners are not personally liable for the debts of the corporation. OB. The owners investment in the business is limited to a certain percentage. OC. Owners are personally liable for the debts of the corporation. OD. Creditors' claims can be satisfied only by the assets of the corporation and the individual owners.
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
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...
Mark for follow up Question 21 of 75. Which business is the best example of a limited partnership? O Joe and Darryl operate a music studio and are both personally liable for the debts of the business. O Ken and Sherry operate an ice cream parlor and are both personally liable for the debts of the business. Susan works in the O Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave...
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