Discuss the potential problems in a Partnership with regards to "Limited Life" and "Unlimited Liability."
Discuss the potential problems in a Partnership with regards to "Limited Life" and "Unlimited Liability."
Homework Answers
Partnership have following disadvantages:
1. Limited Life: A partnership suffers from a disadvantage of limited life. Legally, a partnership firm must be dissolved on the retirement, death, bankruptcy, or lunacy of any partner or demanded by any partner.The probability of any one of these event occurring when there are a number of partners is much greater .
2.Unlimited Liability: Another disadvantage is Unlimited liability. In partnerships the partners are not only responsible for their own acts but are also responsible for other partner's acts. Hence it has Unlimited lianility.
Add Answer to:
Discuss the potential problems in a Partnership with regards to
"Limited Life" and "Unlimited Liability."
In a limited partnership, the liability of the limited partners generally is restricted to the amount...
In a limited partnership, the liability of the limited partners generally is restricted to the amount of funds that they have invested in the company but the general partners have unlimited liability.
liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2. Limited liability 3....
liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2. Limited liability 3. Unlimited life No Yes
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
1. Which of the following statements is true? A. An advantage of a partnership is limited...
1. Which of the following statements is true? A. An advantage of a partnership is limited life. B. An advantage to a partnership is unlimited liability. C. A disadvantage of a partnership is that it is difficult to transfer ownership. D. A disadvantage to a partnership is double taxation. 2. Which of the following statements is true? A. A disadvantage of a corporation is limited liability. B. An advantage of a corporation is double taxation. C. An advantage of a...
le ParlilerSump ACL 1901. b) Discuss the meaning and nature of limited liability partnership and its...
le ParlilerSump ACL 1901. b) Discuss the meaning and nature of limited liability partnership and its application in Malaysia.
1. In a limited partnership, partners are classified as general or limited Limited partners manage the...
1. In a limited partnership, partners are classified as general or limited Limited partners manage the business and have unlimited personal liability for its debts.
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability...
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and C corporation. Choose THREE of these forms, and develop a scenario in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred.
Which of the following is not a characteristic of a limited liability company? a. limited legal liability b. taxable...
Which of the following is not a characteristic of a limited liability company? a. limited legal liability b. taxable c. unlimited life d. moderate ability to raise capital
A business entity formed by two or more individuals who each have unlimited liability for business...
A business entity formed by two or more individuals who each have unlimited liability for business debts is called a A. corporation. B. sole proprietorship. C. general partnership. D. limited partnership. E. limited liability company.
True or False: A limited liability company (LLC) is taxed like a partnership but provides limited...
True or False: A limited liability company (LLC) is taxed like a partnership but provides limited liability for itsowners, similar to a corporation.
liability company (LLC). Proprietorship Partnership Corporation LLC Attribute Present 1. Business taxed 2. Limited liability 3. Unlimited life No Yes
le ParlilerSump ACL 1901. b) Discuss the meaning and nature of limited liability partnership and its application in Malaysia.
1. In a limited partnership, partners are classified as general or limited Limited partners manage the business and have unlimited personal liability for its debts.
Which of the following is not a characteristic of a limited liability company? a. limited legal liability b. taxable c. unlimited life d. moderate ability to raise capital
Most questions answered within 3 hours.
-
The energy required to remove an electron from a surface of a
solid element is called...
asked 1 minute ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 24 minutes ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 1 hour ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 2 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 2 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 4 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 4 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 5 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 6 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 6 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 7 hours ago