Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability Partnership.
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Q 4
Outline the responsibilities of the compliance officer or partner for income tax
purposes in a Limited Liability
PLEASE EXPLAIN AND ELABORATE THE ANSWER NOT LESS THAN 400 WORDS. THANK YOU
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- E5 Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability PartnershipQ 3 Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability Partnership. PLEASE EXPLAIN AND ELABORATE NOT LESS THAN 400 WORDS. THANK YOU.Question 20 of 75 S1: It is both common and good business practice for partners to pay their personal bills with partnership funds. S2: Salary allowances are allocations of income that appear in the expenses section of the income statement. Select the correct response. O S1 is False, S2 is True O s1 is True; S2 is False O s1 & S2 are False O s1 & S2 are True ( Previous
- A well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax rateA partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partnerOverviewDiscuss tax planning opportunities utilizing a partnership structure. InstructionsRead Section 10.6 “Tax Planning” in Chapter 10. If you were going to start a business with a few of your closest friends (or family), would you choose to form a partnership? Why or why not?
- Save & ExIt Sübmit Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership, corporation, and limited liability company (LLC). Attribute Present Proprietorship Partnership Corporation LLC 1. Limited liability 2. Business entity 3. Legal entity ( Prev 2 of 6 Next > T國A回 179 COFEB 5,200 6 étv5 Required information Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonpartners) Guaranteed payments Williams Johnson Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income $ 336,123 1,259 4,586 13,458 $ 355,426 $ 47,000 Williams & Johnson Partnership's non-financial information is as follows: • Name: Williams and Johnson Partnership 75,000 50,000 41,888 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $ 268,167 $ 87,259 Check m16- Mutual agency means Top of Form Multiple Choice Creditors can apply their claims to partners' personal assets. The partnership has a limited life. Partners are taxed on partnership withdrawals. A partner can bind the partnership to contracts. All partners must agree before the partnership can act.c
- partnership, and any deficiency shall be paid in cash. Problem 3-12 Sole Proprietors Form a Partnership Gabriel and Lucifer decided to combined their respective businesses into a partnership with an agreed total capital of P400,000. The noncash assets contributed by the two parties are as follows: Gabriel Lucifer Accounts receivable Notes receivable Merchandise inventories Furniture Equipment Accounts payable Book value P50,000 10,000 80,000 40,000 30,000 200,000 Fair value Book value Fair value P48,000 10,000 100,000 37,000 25,000 200,000 14,000 P50,000 15,000 P60,000 60,000 70,000 Required: partnership, and any deficiency shall be paid in cash.3. Outline the responsibilities of the compliance officer or partner for income taxpurposes in a Limited Liability Partnership.Quèstion 12 All of the following are characteristics of a partnership, except: O A. is not considered a separate legal entity O B. It has a definite life has two or more owners, and called stockholders OD. the owners are liable for corporation's debts