Homework Answers
Solution:
1) b. is a seperate legal entity
Explanation
Partnership is a form of business in which two or more persons agrees to carry out a common business idea with a view to maximise profit.
Partneship form of business comes into existence through a legal agreement as a result it has seperate legal entity from owners. The terms and conditions of partnership like Profit sharing ratio,interest on capital,capital contribution is being defined in partnership agreement.
2)d. its ownership is easily transferable via the sale of shares of stock
It is one of the advantage of corporate form of business for investors. They can easily sell share in a financial market and can even convert it into cash.limitation of blockage of invested amount eliminates for investor as a result of this advantage.
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4:00 PM / Remaining: 60 min Multiple Choice Question 54 Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements is true regarding this debt? Only Jack is personally liable for the debt, since he has been the managing partner during that time. Only Jill is personally liable for...
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what choice is correct for each one?
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Ch 01: Assignment-An Overview of Financial Management Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a proprietorship? Check all that apply. Profits taxed only once, at the individual (personal) level can easily raise large amounts of capital Subject to unlimited liability You see and read...
Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business...
Question 35 (1 point) Which of the following are advantages of the corporate form of business ownership? 1. limited liability II. double taxation III. ability to raise capital IV. unlimited firm life OI and II only O III and IV only O I, II, and III only OI, III, and IV only
answer each question with an explnation of each answer
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