Sole Proprietorships and Partnerships
8 important questions on Sole Proprietorships and Partnerships
Advantages of a partnership
4 basic elements of a partnership
- between persons
- carrying on business in common
- with a view to profit
Every partner in a firm is liable jointly with the other partners for all debs and obligations of the firm while he is a partner
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Partners must account to the firm any benefits rec'd from business transactions
Partners must account for and pay to the firm profits made by him in the business
Sequence of payments on dissolution
2. Repmt of loans made to the firm by partners
3. Repmt of capital contributed by partners
4. Sharing surplus among partners according to entitlement
Partnership where some of the partners limit their liability to the amount of capital they contributed
Involves the transfer of income-producing assets from the operating company to a trust
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
