which type of organization should be formed. Jackie and Susie are starting an accounting firm. They are deciding between a general partnership and a limited liability partnership. It is crucial to Jackie that she has limited liability and is not personally liable if Susie is negligent.
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which type of organization should be formed. Jackie and Susie are starting an accounting firm. They are deciding between a general
a limited liability partnership. It is crucial to Jackie that she has limited liability and is not personally
liable if Susie is negligent.
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- which type of organization should be formed. Rob and Bran want to form a snow removal business. They are deciding between a general partnership and a limited liability company. Bran says it is important that the two have limited liability and do not pay corporate income taxes.The owner of an accounting practice is considering establishing a partnership with two other persons to carry on the business. What are the major disadvantages of a partnership form that she should consider in making her decision?A plastic surgeon wants to start a new private clinic. Because of the possible malpractice involved, this doctor is concerned about losing his personal wealth as a result of a lawsuit against his business. If he will be the major owner of the business, how should he set up the organization? Multiple Choice O A sole proprietorship A limited liability corporation A limited liability partnership
- Charles has been asked to join a new partnership that is developing a recreation facility. He does not want to be liable for the firm's debts if the project should fail. He could still participate as a: general partner. limited partner. silent partner. working partner. contributor.Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to fom a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: i. The requirement for the registration of the business in Jamaica ii. The advantages and disadvantages of the business type iii. Information on the dissolution of the business. Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that includes at least six terms that the…Sonia and Fred are partners in a CPA firm that was formed as a Limited Liability Partnership (LLP). If Sonia commits malpractic in the preparation of client financial statements, are the partner's personal assets at risk to pay damages caused by Sonia? a. Yes, Sonia's assets are at risk b. No, the LLP shields Sonia's personal assets from malpractice c. No, the LLP shields the personal assets of both partners from malpractice d. Yes, Sonia and Fred's personal assets are at risk
- Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. (a) What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: the requirement for the registration of the business in Jamaica, the advantages and disadvantages of the business type and information on the dissolution of the business. (b) Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that…Which of the following people would not be considered an “Other Member” (OM) for Code of ProfessionalConduct purposes? Group of answer choices a. Tim, who has his CPA license, but is currently unemployed and traveling around the country living off his savings. b. Bolt, who has his CPA license, but is trying out retirement to see if it suits him. c. Margot, who has her CPA license, but is unemployed as she is devoting most of her time topursuing a sexual harassment lawsuit against her previous firm. d. Ananya, who has her CPA license and is an internal auditor for Frisbye Corporation.Which of the following relationships held by your spousal equivalent may impact your independence? Select all that apply. Any financial relationship (e.g. investments, loan contracts, banking accounts, etc.) that is not closed or disposed of. O Their "non-board" volunteer activities at a non-profit organization. Only relationships that you already know about. O Their employment situation.
- Evelyn, Francis and George, run a business buying and selling wigs. They have been advised by their lawyer to form a private limited company to run the business. They have contacted you for a second opinion, particularly in respect of: a. The extent to which their liability will be limited; b. Wether they will be able to exercise the same control over the private company as they did with the partnership. c. The extend to which they will have the same right to be involved in the management of the private limited company; and d. The public disclosure to which the business would be subjected to as a private companyThree ladies decide to go into business publishing cookbooks. They form a corporation, having been told that the corporate form of ownership carries limited liability. They decide not to purchase any form of liability insurance for the corporation because their loss in the event of an uninsured liability loss will be limited to the amount of their initial investment. Is there a fallacy in their logic?Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He asks his friend, Carmen, if she'd like to join him in setting up a partnership to start the business. What is one disadvantage in joining the partnership that Carmen should consider? (A) Carmen should realize that profits in the partnership will be reduced by dividend payments to shareholders. B) Carmen should realize that, as an owner of the business, she will be personally responsible for the debts of the business. Carmen should realize that the profits of the business will also be taxed as dividend income, so she faces the potential for double taxation of that business income. D Carmen should realize that the Jeremy will have complete control over the business because it was his idea. C