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Journal entry question Discuss one of the following 3 questions It is possible to create partnerships in which a partner has only limited liability. Is

Journal entry question

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Discuss one of the following 3 questions It is possible to create partnerships in which a partner has only limited liability. Is such an arrangement consistent with partnership law? Or, should the advantages of a limited partner be extended to all partners? OR Because a corporation is a separate legal entity, the shareholders (including a single individual) are protected from liability to the creditors and may in fact be secured creditors as well. Is it reasonable to give a shareholder/director who is also a secured creditor priority over other creditors if it is their actions that have caused the company to incur liability? OR Shareholders of a corporation normally have their nancial risk limited to the value of their shares. Why do you think this type of liability protection is not available to those who cannot use corporations to operate their business such as most professional accountants

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