Interest on loans from partners is recognized as partnership income. Correct Answer INDUSTRIAL PARTNER
An estimated amount that a willing seller would receive from a financially capable buyer for the sale of the asset
...
Interest on loans from partners is recognized as partnership income. Correct Answer INDUSTRIAL PARTNER
An estimated amount that a willing seller would receive from a financially capable buyer for the sale of the asset in a free market. Correct Answer FAIR MARKET VALUE
Where agreements of the partners are embodied. Correct Answer ARTICLES OF PARTNERSHIP
One who takes active part in the business of the partnership though may be known as a partner. Correct Answer SILENT PARTNER
One who is designated to wind up or settle the affairs of the partnership after dissolution. Correct Answer LIQUIDATING PARTNER
In partnership, each of the partners except a limited partner is liable to the extent of his personal assets,; in a corporation, stockholders are liable only to the extent of their investment in the corporation. Correct Answer EXTENT OF LIABILITY
Two or more persons may form a partnership. In a corporation, at least 5 persons, not exceeding 15. Correct Answer NUMBER OF PERSONS
In a partnership, for any period of time stipulated by the partners in a corporation, not to exceed 50 years but to extension. Correct Answer TERMS OF EXISTENCE
A partnership is created by mere agreement of the partners while a corporation is created by operation of law. Correct Answer MANNER OF CREATION
In a partnership, every partner is an agent of the partnership if the partners did not appoint a managing partner, n a corporation, management is vested on the Board of Directors. Correct Answer MANAGEMENT
The person who assumes full co-ownership of a partnership including unlimited liability is a Correct Answer general partner
A large cash withdrawal by Partner Alta from Tierra, Alta, Montana and Mundo Partnership, which is viewed by all partners as a permanent reduction of Alta's ownership equity in the partnership, is recorded with a debit to Correct Answer Alta, Capital
A partnership Correct Answer Is created by agreement of the partners,
has a juridical personality separate & distinct from that of each of the partners
[Show More]
