A limited partnership is a O a. Domestic Limited partnership O b. sole proprietorship O c. limited liability company O d.general partnership in the state in which it is organized
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- Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnershipsA well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax rateAll the partners' liability is limited under: a. General partnership b. Limited partnership c. Limited liability partnership d. Joint Venture
- According to the provisions within the Uniform Partnership Act, in which of the following instances would a general partnership be treated as a separate legal entity from its partners a. partner's limited liability to partnership assets b. partners to be treated as employees of the partnership Oc. Partnership payment of income taxes on partnership income. Cd. Partnership acquiring title and ownership of propertyWhich of the following is a characteristic of a partnership? Oa. limited liability Ob. limited life Oc. taxable Od. simple to form1- All the partners' liability is limited under: a. Limited liability partnership b. Joint Venture c. Limited partnership d. General partnership
- A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencydescribing a Limited Liability Partnership in which would be involved in. Indicate specific provisions which would be include in the LLP agreement.(a) Explain the following (i) Partnership Deed (ii) Articles of Association (iii) Memorandum of Association
- A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions or those who are acting under their direct supervision is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencyIn a partnership liquidation the assets of the partnership shall be applied lastly toIndicate what is the difference between a general partnership and a limited liability company and when might each type of entity be used by completing the table below. Classify each characteristic as belonging to a "General partnership", a "Limited liability company", or both a "General partnership and limited liability company". Characteristic belongs to ... a. Partners are considered members b. Permitted to participate in management of the entity c. Creditors collect from both partnership assets and partners. d. The partners have unlimited liability for the entity's debt. e. Absent a personal guarantee, no liability for the entity's debt. f. Usually used for corporate joint ventures where the corporate partners are established with limited assets.