Liability of an incoming partner is only to the extent of his capital contribution (even for...
Liability of an incoming partner is only to the extent of his capital contribution (even for an antecedent debt he was not a partner during which it was originated). Do you see a flaw in this? Please explain your answer.
Homework Answers
Answer - Yes , there is a Flaw in this statement given above. It is a false statement.
In the partnership form of business , the liability of all the partners is unlimited unless it is any special type of partnership. Hence , the liability of the incoming partner will not be limited upto the point of his capital contribution. Any debt , which arises in the firm whether it exceeds the capital contribution or not , it will be borne in the agreed ratio . If the business assets are scarce , then personal property can also be used. Hence the liability will not be only limited till the capital contribution.
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Liability of an incoming partner is only to the extent of his
capital contribution (even for...
a. Under a General Partnership, partners are liable only to the extent of their capital contributions....
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A new incoming partner’s contribution may suggest either the presence of previously unrecorded go...
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17. A deficient partner A s assumed to be always insolvent B who is solvent and...
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Can you please not only answer this but thoroughly explain how you got this - I...
Can you please not only answer this but thoroughly explain how
you got this - I am struggling
Which of these describe a principal ray for a concave mirror? (Select all that apply.) An incoming ray that is parallel to the optical axis will reflect as though it came from the focal point An incoming ray that comes from the direction of the focal point will reflect parallel to the optical axis An incoming ray that reflects off the mirror...
Based only on the example provided, fil out the form below with the ordinary income and...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
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Heinz's Dilemma A dilemma that Kohlberg used in his original research was the druggist's dilemma: Heinz Steals the Drug In Europe. A woman was near death from a special kind of cancer. There was one drug that the doctors thought might save her. It was a form of radium that a druggist in the same town had recently discovered. The drug was expensive to make, but the druggist was charging ten times what the drug cost him to produce. He...
Can you please not only answer this but thoroughly explain how
you got this - I am struggling
Which of these describe a principal ray for a concave mirror? (Select all that apply.) An incoming ray that is parallel to the optical axis will reflect as though it came from the focal point An incoming ray that comes from the direction of the focal point will reflect parallel to the optical axis An incoming ray that reflects off the mirror...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
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