Agreement in which form is required in a partnership firm? A. Written B. Oral C. A or B D. None of the above.
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- Being in a business of partnership: O a. Increases Individual risk O b. None of these O c. Does not involves any individual risk d. Decreases Individual riskWhich of the following is not a characteristic of a partnership firm? Select one: A. Limited Liability B. Easy Formation C. Mutual Consent D. Equal ProfitsQuestion Explain some of the Advantages and Disadvantages of sole trader and partnership business , including the issues and regulations. Full explanation with examples. *No plasgism
- In which of the following type of partnership, partners risk only their investment in the business and are not subject to the same liabilities, as long as they do not participate in the management and control of the enterprise a. General Partnership b. Limited Partnership c. All of the above d. S Partnership Clear my choicesummarizes the financial aspects of the partnership agreement and the equityrequirements of the general and limited partners with example?S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance with their Profit and Loss Ratio. S2: If only the share in the profits have been established in the articles of partnership, then the share in the losses must be in accordance with their profit ratio. a. Both are false b. S2 True; S1 False c. Both are true d. S1 True; S2 False
- 1-If there is no written, legal agreement for the partnership then which one of the following will apply: a. Interest will be charged on drawings b. Interest on capital is not allowed c. Partners are entitled to bonus d. Partners are entitled to salaryIs the contract of partnership binding even without the stipulation of how to divide profit and losses?What is the principle of "mutual agency" and why is it important in the context of partnership law? Identify an exception to this principle in your answer. JE k HO I XA G
- S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance with their Profit and Loss Ratio. S2: If only the share in the profits have been established in the articles of partnership, then the share in the losses must be in accordance with their profit ratio. A. Both are trueB. S2 True; S1 FalseC. Both are falseD. S1 True; S2 FalseChoose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.Q.1) How partnership differs from single proprietorship? Q.2) How limited and general partners differ from each other?
