Matching
Match each of the following terms with the appropriate definitions.
Premises:
The legal relationship among general partners that makes each of them responsible for paying the debts of the partnership if the other partners are unable to pay their shares.
A corporation that does not qualify for nor elect to be treated as a partnership for income tax purposes and therefore is subject to income taxes.
A financial statement that shows total capital balances at the beginning of the period, any additional investment by partners,the income or loss of the period,the partners' withdrawals,and the ending capital balances.
A partner who assumes unlimited liability for the debts of the partnership.
An unincorporated association of two or more persons to pursue a business for profit as co-owners.
A partnership that has two classes of partners,limited partners and general partners.Limited partners have no personal liability beyond the amount they invest in the partnership,and have no active role except as specified in the partnership agreement.
The legal relationship among partners whereby each partner can commit or bind the partnership to any contract within the scope of the partnership's business.
A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner.
A corporation that meets special tax qualifications so as to be treated like a partnership for income tax purposes.
The agreement between partners that sets terms under which the affairs of the partnership are conducted.
Responses:
Mutual agency
General partner
Unlimited liability of partners
S corporation
Statement of partners' equity
Partnership contract
Partnership
Limited partnership
C corporation
Limited liability partnership
Correct Answer:
Premises:
Responses:
The legal relationship among general partners that makes each of them responsible for paying the debts of the partnership if the other partners are unable to pay their shares.
A corporation that does not qualify for nor elect to be treated as a partnership for income tax purposes and therefore is subject to income taxes.
A financial statement that shows total capital balances at the beginning of the period, any additional investment by partners,the income or loss of the period,the partners' withdrawals,and the ending capital balances.
A partner who assumes unlimited liability for the debts of the partnership.
An unincorporated association of two or more persons to pursue a business for profit as co-owners.
A partnership that has two classes of partners,limited partners and general partners.Limited partners have no personal liability beyond the amount they invest in the partnership,and have no active role except as specified in the partnership agreement.
The legal relationship among partners whereby each partner can commit or bind the partnership to any contract within the scope of the partnership's business.
A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner.
A corporation that meets special tax qualifications so as to be treated like a partnership for income tax purposes.
The agreement between partners that sets terms under which the affairs of the partnership are conducted.
Premises:
The legal relationship among general partners that makes each of them responsible for paying the debts of the partnership if the other partners are unable to pay their shares.
A corporation that does not qualify for nor elect to be treated as a partnership for income tax purposes and therefore is subject to income taxes.
A financial statement that shows total capital balances at the beginning of the period, any additional investment by partners,the income or loss of the period,the partners' withdrawals,and the ending capital balances.
A partner who assumes unlimited liability for the debts of the partnership.
An unincorporated association of two or more persons to pursue a business for profit as co-owners.
A partnership that has two classes of partners,limited partners and general partners.Limited partners have no personal liability beyond the amount they invest in the partnership,and have no active role except as specified in the partnership agreement.
The legal relationship among partners whereby each partner can commit or bind the partnership to any contract within the scope of the partnership's business.
A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner.
A corporation that meets special tax qualifications so as to be treated like a partnership for income tax purposes.
The agreement between partners that sets terms under which the affairs of the partnership are conducted.
Responses:
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