A general partner is a partnership is a partner who?
A general partnership is a business arrangement by which two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a jointly-owned business. In a general partnership, partners agree to unlimited liability, meaning liabilities are not capped and can be paid through the seizure of an owner's assets. Furthermore, any partner may be sued for the business's debts.
Each is responsible for their personal tax liabilities—including partnership earnings—on their income tax returns as taxes do not flow through the general 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.
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
Partnership Taxable Income Partner D is a 10 percent general partner in ABCD Partnership. The partnership’s financial records for the current tax year reveal the following: Gross receipts from sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $820,000 Cost of sales . . . . . . . . . . ....
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcom is a limited partner who owns 50%. The partnership has $50000 in recourse liabilities and $30000 in non recourse liabilities. What is Marcus's total share of liabilities?
On January 1, Abel was a 25% partner in Corn General Partnership, which had partnership liabilities of $300,000. On January 2, a new partner was admitted and Abel’s interest was reduced to 20%. On April 1, Corn repaid a $100,000 general partnership loan. Ignoring any income, loss, or distributions for the year, what was the net effect of the transactions described for Abel’s tax basis in Corn partnership interest? Group of answer choices Has no effect. Decrease of $35,000. Increase...
Autobyte, a general partnership, is owned by the Wolfson Partnership, an 80% partner and Bob Gray, Inc, a 20% partner. Bob Gray, Inc is an S corporation that is wholly owned by Mr. Bob Gray. Last year, Sid Vogt contacted Autobyte offering to buy Autobyte's major land holding, Calabasas Pointe for $50 million. According to a formal partnership vote, Autobyte approved this sale, with the Wolfson Partnership voting in favor and Bob Gray Inc voting against the proposal. Aware of...
Joseph and Savannah are partners in a limited partnership. Joseph is the general partner with a 70% profits interest. Savannah is the limited partner with a 30% profits interest. Even though Savannah is a limited partner, she agreed to make an additional $20,000 capital contribution at any time the partnership required additional working capital. At the end of the year, the balance sheet showed $200,000 in recourse liabilities and an additional $60,000 in nonrecourse liabilities. Joseph’s beginning adjusted basis in...
Michelle is a 51% partner in wolf LLC, a general partnership. Her basis in the partnership is $100,000. The 27 partnership has no debt. On September 30, 2018, Michelle receives a distribution of cash of $25,000 and a property with FMV of $150,000 (Wolf LLC's basis in the property is $85,000) in liquidation of her partnership interest. What is Michelle's basis in the property received? a $125,000 b $75,000 c $100,000 d $150,000 e $85,000
Fancher organized a limited partnership and is the only general partner. Carley invested $16,900 in the partnership and was admitted as a limited partner with the understanding that she would receive 6% of the profits. After two unprofitable years, the partnership ceased doing business. At that point, partnership liabilities were $80,500 larger than partnership assets. How much money can the partnership's creditors obtain from Carley’s personal assets to satisfy the unpaid partnership debts?