Sonia and Fred are partners in a CPA firm that was formed as a Limited Liability Partnership (LLP). If Sonia commits malpractic in the preparation of client financial statements, are the partner's personal assets at risk to pay damages caused by Sonia? a. Yes, Sonia's assets are at risk b. No, the LLP shields Sonia's personal assets from malpractice c. No, the LLP shields the personal assets of both partners from malpractice Od. Yes, Sonia and Fred's personal assets are at risk
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- Xavier, who is a partner in SYZ Floral Delivery, negligently drove the delivery truck off the road , seriously injuring Peter. Against whom can Peter possibly collect for his injuries? Group of answer choices A. Xavier, since he committed the negligent act. B. SYZ partnership, as a business entity. C. Any partner, from that partner's personal assets. D. All of the above.If Nicanor, a CPA, established a partnership with Inday, a Certified Internal Auditor, to engaged in business consultancy service, the partnership is: Choices Is not allowed by law Is exempted from taxation as the partners are the ones liable for the tax A general professional partnership Taxable as a corporationThe partnership is being dissolved. Unfortunately, the liquidating partner found out that the assets of the partnership are not enough to pay all the liabilities to the creditors. How will the partnership be able to pay all its liabilities? None of the above The properties of all the partners shall be held liable. The properties of the limited partner shall be held liable. The properties of the general partner shall be held liable.
- 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?which type of organization should be formed. Jackie and Susie are starting an accounting firm. They are deciding between a general partnership and a limited liability partnership. It is crucial to Jackie that she has limited liability and is not personally liable if Susie is negligent.Horn’s Crane Service furnished supplies and services under a written contract to a partnership engaged in operating a quarry and rock-crushing business. Horn brought action against Prior and Cook, the individual members of the partnership, to recover a personal judgment against them for the partnership’s liability under that contract. Horn has not sued the partnership itself, nor does he claim that the partnership property is insufficient to satisfy its debts. What result? Explain.
- 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.Charles has been asked to join a new partnership that is developing a recreation facility. He does not want to be liable for the firm's debts if the project should fail. He could still participate as a: general partner. limited partner. silent partner. working partner. contributor.The following are the causes of the dissolution of the firm except Insanity Incapability to perform Insolvency O. inability of the partner to sustain his marriage
- Neil and Dylan are partners in a lawn mower repair business in Ohio. While Neil is on vacation visiting his sister in Georgia, his sister's neighbor has trouble with her mower and Neil fixes it for her. She insists on paying him . Neil : O a. may keep the money as this partnership is NOT a professional business pursuant to the non - professional exception rule. O b. may not accept the money because it would create a conflict of interest. O c. may keep the payment since he did the work while he was on vacation. O d. may not accept the money because it would mean he was taking a business opportunity away from the partnership. O e. must turn the money over to the partnership because he earned it doing the kind of work that the partnership does.A and B realized that the partnership is hindering them from starting their respective families. Due to the urgency of the decision, they moved to dissolve the partnership. What kind of dissolution is applied? Judicial None of the above Extrajudicial By operation of lawA partner in a limited liability partnership (LLP): I. has no liability for acts of malfeasance of any of the other partners. I. has no liability for the debts of the partnership. Oa. Only statement I is correct. Ob. Only statement II is correct. Oc. Both statements are correct. Od. Neither statement is correct.