College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 19, Problem 3TF
To determine

Identify whether the given statement is true or false.

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Which one of the following statements is true regarding a partner's personal liability for partnership debts? In a limited partnership, all partners have limited liability for partnership debts In a general partnership, all partners are liable for entity debts. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice. LLC members can never be liable for entity debts.
In which of the following situations will the inference of the existence of a partnership be drawn from the receipt o profits of a business? Where payments of a debt are made to a creditor in installments from the profits of the partnership Where wages are paid to an employee who is not also an owner Where an annuity is paid to the widow of a deceased partner from partnership profits Neither the creditor, the employee, nor the widow in these situations will be considered a partner under the guidelines in the RUPA.
The following are rights of a partner in a partnership, except one:   Right to compensation Right to information Right to return of capital Right to agency
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