Study Session 12 : Dissolution Of Partnership Introduction In the previous study session‚ you have learnt about the reconstitution of a partnership firm which takes place on account of admission‚ retirement or death of a partner. In such a situation while the existing partnership is dissolved‚ the firm may continue under the same agreement if the partners so decide. This brings an end to the existence of firm‚ and no business is transacted after dissolution except the activities related to closing
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Organizations Act (RICO) was originally designed to combat corporate crime? (Hint: No‚ organized crime…) False 6. General partners or Limited Partners of a limited partnership remain jointly and severally liable for partnership obligations? 7. C corporations are taxed as a pass-through entity or as a separate entity? 8. Most general partnerships pay income taxes as a separate entity or as a pass-through entity? MULTIPLE-CHOICE QUESTIONS 9. The term actus reus is often used to describe a criminal act
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Penelope‚ Mark and John are partnership‚ corporation‚ Limited Liability Company‚ professional association and other legal entities. II. Out of the various available forms of organisation‚ the best and recommended form is a Limited Liability Company. It is a hybrid entity which has certain characteristic of a partnership and certain of a corporation. It has the limited liability feature of a corporation and the flow-through taxation to members as in the case of a partnership. It is the most suitable
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CUNY – Queens College ACCT 757 – Taxation of Business Entities Professor: Steven J. Mandelkorn Student: Wang Fang Lei Sole Proprietorships? Partnerships? LLC? S or C Corporations? Which One is the Best Solution? A few years ago‚ my husband sets up his own computer company‚ focus on providing computer services to customer. Before he starts doing the business‚ we went to a CPA firm to get a license to legally set up the new company. After collecting some basic information of our business‚ the
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Different types of Business Organizations Four Different types of Business Organizations There are many advantages and disadvantages of Business Organizations. Here we will seek out the advantages and disadvantages of Sole Proprietorship’s‚ Partnerships‚ Corporations‚ and cooperative Business organizations. The information provided will also give you an insight on exactly what each Business Organization does and how it works and fits in Business structure. A lot of businesses start as sole proprietorships
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of the business‚ the taxation of the business‚ the liability of the owners and the ability to raise capital to finance the business (Parrino‚ Kidwell & Bates‚ 2012). The owners will then choose one of the 3 different forms: sole proprietorship‚ partnership or corporation. Sole Proprietorship Sole proprietorships are businesses that are owned by a single person. A sole proprietorship is the easiest to form and the most common form of business. One advantage of this type of business structure is
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and Formation of a Partnership A partnership is a contract whereby two or more persons bind themselves to contribute money‚ property or industry into a common fund with the intention of dividing the profit among themselves (Article 1767 of the Civil Code of the Philippines). This joint effort may be supported by a partnership agreement known as the Articles of Co-Partnership‚ which is an agreement in writing among the partners governing the nature and terms of the partnership contract. A written
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Q1 - Internal Controls (lecture 3): 15 Marks. ------------------------------------------------- He said he will ask either a petty cash question or a bank reconciliation one but not both. The question will also probably test us on e-controls or cash control for cash receipts and cash payments. What is internal control? It is the organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational
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2015 01/27/2015 Self-test questions 1. A. The five characteristics of partnership are associations of individuals‚ mutual agency‚ limited life‚ unlimited liability and co-ownership of property. The income of the partnership is not taxed as a regular entity. It is taxable on each partner’s personal tax rates‚ which is called associations of individuals. 2. C. Basis for splitting partnership income taxes is not part of a partnership agreement. The income is taxable on each partner’s personal tax rate
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Part A When a business forms‚ the owner or owners must decide how to classify it. The type of classification will ultimately determine the rules under which the business will operate. Six general types of business entities exist with multiple variations thereof. Each type of business entity has advantages and disadvantages and there is no one type of entity that’s better than another. Business owners must decide how their business should be classified based on their individual and unique needs
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