How does a general partnership differ from a limited partnership?
Question:
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
All partners in a general partnership have unlimited li...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Question Posted:
Students also viewed these Accounting questions
-
How does a general partnership differ from a limited partnership?
-
How does a limited partnership differ from a general partnership?
-
How does a general increase in uncertainty as a result of a failure of a major financial institution lead to an increase in adverse selection and moral hazard problems?
-
The accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita (2010 U.S. dollars) in France, Japan, the United Kingdom, and the United States in 1960...
-
Use a graph of the integrand to guess the value of the integral. Then use the methods of this section to prove that your guess is correct. cos x d
-
A 75.kg petty thief wants to escape from a third-story jail window. Unfortunately, a makeshift rope made of sheets tied together can support a mass of only 58kg. How might the thief use this rope to...
-
Two suppliers of machine parts delivered large shipments. A simple random sample of 150 parts was chosen from each shipment. For supplier A, 12 of the 150 parts were defective. For supplier B, 28 of...
-
Calculate the gravitational potential due to a thin rod of length l and mass M at a distance R from the center of the rod and in a direction perpendicular to the rod.
-
Omar (single) is a 50 percent owner in Cougar LLC (taxed as a partnership). Omar works half time for Cougar and receives guaranteed payment of $50,000. Cougar LLC reported $450,000 of business income...
-
Dewin Auer Best (DAB) CPAs has an audit and tax client named Meyers, Inc. Meyers is a closely held C corporation whose majority shareholder, Alicia Meyers, is also its CEO. Alicia also is a tax...
-
If a partnership contract does not state the period of time over which the partnership is to exist, when does the partnership end?
-
George, Burton, and Dillman have been partners for three years. The partnership is being dissolved. George is leaving the firm, but Burton and Dillman plan to carry on the business. In the final...
-
Refer to Exhibit, "Management Certifications at Groupon." Comment on the fact that the certification discusses management's responsibility regarding internal controls, and yet the 8-K disclosure...
-
Jargon Jen has five million shares outstanding, generates free cash flows of $12 million each year and has a cost of capital of 6%. It also has $3 million of cash on hand. Jargon Jen wants to decide...
-
Metabolizing a candy bar releases about 1 0 ^ 6 joules of energy. Assume the candy bar's mass is 0 . 3 6 kg and use the formula kinetic energy = 1 / 2 mv ^ 2 , where m is the object's mass and v is...
-
If the children are bouncing down the road - since the buses shocks are so done - what is the frequency of those bounces if the bus + driver + kids mass is 1 2 , 0 8 2 kg and the bus spring constant...
-
You are thinking about buying a printing press today that will print t-shirts for many years including the celebration of a DePaul Women's Soccer National Championship. The machine will cost $5mm to...
-
1 4 . A mixture containing 1 2 . 8 uM analyte ( X ) and 4 4 4 of internal standard ( IS ) gave a ning an chromatographic peak area of 3 0 6 for X and 5 1 1 for IS . A second solution contai unknown...
-
What does a catalyst do to the time it takes for a reaction to reach equilibrium? Explain how it does this.
-
Players A, B, and C toss a fair coin in order. The first to throw a head wins. What are their respective chances of winning?
-
What are the elements and principles of the COSO framework?
-
(Bond Issue) Donald Lennon is the president, founder, and majority owner of Wichita Medical Corporation, an emerging medical technology products company. Wichita is in dire need of additional capital...
-
(Bond Issue) Donald Lennon is the president, founder, and majority owner of Wichita Medical Corporation, an emerging medical technology products company. Wichita is in dire need of additional capital...
-
(Bond Issue) Donald Lennon is the president, founder, and majority owner of Wichita Medical Corporation, an emerging medical technology products company. Wichita is in dire need of additional capital...
-
Rich and Poore have partnership capital balances of $ 160,000 and $ 120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $ 140,000. Rich agrees to accept Claudio as...
-
From Pacific Bank, preauthorized bank service charges and loan and mortgage payments were taken from the chequing account as follows: Bank service charges Mortgage ($350.00 interest and $100.00...
-
On January 1, 2024, Jackson Corporation issued $800,000, 10%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Jackson Corporation has a calendar year-end and...
Study smarter with the SolutionInn App