Potential partners might not want to form a partnership because of the risk of having their personal property forfeited in favor of the business's creditors. O True
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- A capitalist partner is not allowed to enter into a new partnership if it is a competing business. What fiduciary duty is applied? Duty of diligence Duty of obedience Duty to inform Duty of loyaltyLiquidating a partnership may be a time-consuming and difficult procedure. What fundamental rules should be followed to guarantee that the procedure is carried out properly?Can a partners personal assets in a limited liability partnership be at risk?
- Choose TRUE if the statement is correct, and FALSE if it is wrong. 1. There is no impact on the statement of comprehensive income of a partnership when a partner withdraws from the business. 2. The admission of a partner does not change the composition of the partners’ equity if the new partner purchases the old partner’s interest by paying the old partner directly. 3. A new partner cannot be admitted into a partnership without the consent of all the partners. 4. The dissolution of the partnership discharges the existing liability of any partner. 5. When a newly admitted partner pays a bonus to the existing partners, the new partner’s capital account is debited to record bonus to old partners. 6. Partnership dissolution is synonymous with partnership liqidation. 7. The assets invested into the partnership and not given to the individual partner increase the total assets of the partnership. 8. When a new partner invests more than the proportionate share he receives in the partnership,…Why an outstanding weakness of a limited partnership interest as an investment is its lack of liquidity or marketability?A disadvantage that is NOT peculiar to the partnership form of organization includes a.the interest of a partner in the partnership cannot be transferred without the consent of the other partners. b.termination of the partnership agreement, bankruptcy of the firm, or death of one of the partners dissolves the partnership. c.each partner is individually liable for all of the debts of the partnership. d.the partners do not make the decisions that run the business.
- Which of the following factor(s) is/are considered by courts in determining whether an act committed by an employee occurred within the course and scope of employment? Whether the employer knew that the act would involve the commission of a serious crime. O Whether the employer authorized the employee's act and whether the employer provided the tools by which the act occurred, but not whether the employer knew that the act would involve the commission of a serious crime. Whether the employer provided the tools by which the act occurred. O Whether the employer authorized the employee's act. Whether the employer authorized the employee's act, whether the employer provided the tools by which the act occurred, and whether the employer knew that the act would involve the commission of a serious crime.Being in a business of partnership: O a. Increases Individual risk O b. None of these O c. Does not involves any individual risk d. Decreases Individual riskIn the liquidation of a partnership, why might a partner be concerned that a fellow partner has a deficit net capital balance, and how might such a deficit be eliminated?
- file a case against a partnership, without impleading the partners and the partnership is then held liable by the court, will the partners' If you personal assests be also held liable, if the partnerships assets are insufficient?How may the capital deficiency of an insolvent partner can be eliminated?When there is a capital deficiecy, the effect is that a. the cash and other assets will also be deficient b. the partner' equity will increase c. there is no effect on the assets and liabilities the liabilities and the partners' euquitey will also decrease
