Can partners limit the right of a partner to commit their partnership to contracts? Would such an agreement be binding (a) on the partners and (b) on outsiders?

Q: Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X,…

A: A partnership is a form of business organization under which two or more than two person joins…

Q: Which one of the following statements is correct with respect to the creation of a partnership?

A: A partnership business is the business which has been started by the persons (persons are known as…

Q: By what methods can a new partner gain admittance into a partnership?

A: A new partner can join a partnership by acquiring part or all of the interest of one or more of the…

Q: What is the difference between the dissolution of a partnership and the liquidation of partnership…

A: Liquidation of partnership:   Liquidation of partnership is the process of selling all the…

Q: Which of the following is NOT true about the statement of financial position of a partnership? The…

A: Statement of financial position is a part of financial statements in which assets and liabilities…

Q: What causes a partnership to dissolve

A: Dissolution of partnership: Dissolution of partnership is simply discontinuing its business which it…

Q: True or False As long as the action is within the scope of the partnership, any partner can bind…

A: A partnership is a form of business organization entered into by two or more persons for carrying on…

Q: partnership

A: Partnership is a relationship between the two or more persons who are agreed to share profit of the…

Q: partnership

A: -If there is no written, legal agreement for the partnership then which one of the following will…

Q: solute because the laws on partnership specifically states that pursuant to the Doctrine of Delectus…

A: Partnership refers to the legal form of agreement between two or more partners who have mutually…

Q: Why is it important for all partners in a partnership to be on the same page in regard to the method…

A: A partnership appears to be a private firm formed by two or more individuals that may or may not be…

Q: If a partnership contract does not state the period of time the partnership is to exist, when does…

A: Partnership deed is a written declaration of agreement among the partners specifying rules and…

Q: partnership

A: A partnership firm is an agreement between one or more persons to start a common business. Each…

Q: What is the legal provision of Profit sharing ratio if nothing is given in ‘Partnership Deed”?

A: The partnership comes into existence when two or more persons agree to do the business and share the…

Q: Which one of the following would not be considered a disadvantage of the partnership form of…

A: The question is related to the Partnership Accounting. Partnership is based on mutual agency…

Q: According to the Uniform Partnership Act, what events should occur if a partner incurs a negative…

A: Partnership is a form of business entity which is formed by an agreement, owned and managed mutually…

Q: profit in the absence of a partnership agreement?

A: In absence of partnership agreement the thumb rule is that any profit or losses should be divided…

Q: State any two grounds on the basis of which court may order for the dissolution of partnership firm.

A: Dissolution of Partnership: Dissolution of partnership occurs as a result of admission of new…

Q: Why it is considered desirable to make the partnership agreement in writing.

A: In accountancy, Partnership is when two or more individuals decide to carry out any business…

Q: What are some of the legal risks associated with organizing a business as a partnership? In your…

A: SOLUTION- PARTNERSHIP- IT IS A KIND OF BUSINESS WHERE A FORMAL AGREEMENT BETWEEN TWO OR MORE PERSONS…

Q: Which of the following is NOT a characteristic of a partnership?

A: Partnership is an agreement by which two or more person comes together to do business and the…

Q: In a partnership, what are the effects of a partnership contract ONLY appearing in a private…

A: Partnership is a formal arrangement by two or more persons who operate and manages business to share…

Q: How can the general partner–syndicator structure the partnership to offer incentives to limited…

A: There are various forms of partnership firm & limited liability is one such type. In this form…

Q: It means "choice of the person". Due to this principle, no one can be a member of the partnership…

A: As per the principle of choice of the person, every partner has a right to choose his partner.

Q: This characteristic explains why partners have a right to choose or refuse who they want to be…

A: A partnership is a form of business that agrees to carry a business and share the profits according…

Q: Under what circumstance might goodwill be allocated to a new partner entering a partnership?

A: Partnership: This is the form of business entity that is formed by an agreement, owned and managed…

Q: If there is no written, legal agreement for the partnership then which one of the following will…

A: There should be an legal agreement for partners to receive salaries or bonuses. In the absence of…

Q: The act of any partner is binding on all other partners, even when partners perform business acts…

A: SOLUTION- PARTNERSHIP-IT IS A KIND OF BUSINESS WHERE WHERE FORMAL AGREEMENT BETWEEN TWO OR MORE…

Q: What form of partnership allows some of the investors to limit their liability?

A: A limited liability company is a type of business structure for private companies. Limited liability…

Q: How does the risk associated with investment in a partnership differ for the general partner versus…

A: A partnership is a form of business where two or more persons are agreed to work together for a…

Q: One who is actually not a partner but who, by his acts, is made liable as a partner to third persons…

A: Partnership is a form of business where two or more people share ownership of the business.  Not…

Q: What are the allowable deductions to a General Professional Partnership?

A: The general professional partnership is defined as the partnership which is established through…

Q: the benefits and detriments of being a general partner versus a limited partner of a limited…

A: The partnership comes into existence when two or more persons agree to do the business and share…

Q: What is a partnership dissolution? Does dissolution automatically necessitate the cessation of…

A: Partnership: It is an agreement between two or more individuals who agree to form a business and…

Q: The outside basis is defined in the internal revenue code as a partner's basis in the partnership…

A: True

Q: Why is it regarded advantageous to have a written partnership agreement

A: "partnership" refers to when two or more persons decide to operate together as partners in any…

Q: What events cause the dissolution of a partnership?

A: A partnership is a type of business where there are two or more owners of the business known as…

Q: Under the default rules of the ULPA, a limited partner who wishes to withdraw from a limited…

A: Limited Partnership: A limited partnership is when at least two individuals start a new business as…

Q: Explain the difference between a general partner and a limited partner?

A: Most of the partnerships formed either by General partnership or by limited Partnership. Both…

Q: Explain the tort liability of a partnership and the partners.

A: Tort refers to a situation when a partner injures a third person due to negligent behavior,…

Q: Why might a partnership pay a bonus to a newly admitted partner?

A: Partnership: A partnership is a firm structure whereby multiple people own the firm together. These…

Q: What elements strengthen the basis of a partner's partnership interest?

A: Answer: Partnership firm is the association of two or more persons on agreement of partnership deed.

Q: What are some of the advantages and disadvantages of forming a partnership?

A: Partnership is defined as an arrangement, which is between the two or more people for overseeing the…

Q: Write TRUE if the state Any partner may cause the dissolution of the partnership at any te even…

A: We'll answer the first question as the exact one wasn't specified. Please submit a new question…

Q: The partners' drawing accounts need not be closed to the capital accounts if the partnership opts to…

A: The partners' drawing accounts need not be closed to the capital accounts if the partnership opts to…