Answered: Assume that you are studying for an…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 38RQSC

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Question

Assume that you are studying for an upcoming accounting exam with a good friend. Your
friend says that she has a solid understanding of general partnerships but is less sure that she understands
organizations that combine certain characteristics of partnerships with other forms of business organization.
You offer to make some study notes for your friend to help her learn about limited partnerships,
limited liability partnerships, S corporations, and limited liability companies. Prepare a one-page set of
well-organized, complete study notes on these four forms of business organization.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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