Which of the following is NOT a characteristic of a partnership?
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Which of the following is NOT a characteristic of a
b. Partners are able to contract on behalf of the partnerships.
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- What type of assets may a partner not contribute to a partnership? A. accounts receivable B. furniture C. equipment D. personal credit cardsWhich of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resourcesA partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partner
- When a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?Can a partnership assume liabilities as part of one of the partners contributions?Any assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharing
- 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 partnerships1. A partnership contract should always be prepared regardless of the amount or nature of the contribution. 2. All types of partnerships are subject to income tax. 3. A partner's contribution in the form of industry will require a debit to the account "Industry" 4. In the partnership books, there are as many capital and drawing accounts as there are partners. 5. A partner's contribution in the form of noncash asset should be recorded at its fair market value even if there is agreed capital. 6. A partnership is much easier and less expensive to organize than a corporation. 7. A newly organized partnership should always open a new set of books for its use. 8. All partnerships have general partners. 9. Each partner generally has the authority to enter into contracts which are binding upon the partnership. 10. The property invested in a partnership by the partner becomes the property of the…The characteristic of a partnership where a partner is an agent for other partners and the partnership when transacting partnership business is: a. a fiduciary relationship b. tenancy in partnership c. mutual agency d. the proprietary theory