Matching
Match the following definitions with the appropriate term
Premises:
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 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.
A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner.
The legal relationship among general partners that makes each of them personally responsible for paying the debts of the partnership if the partnership cannot pay.
The agreement between partners that sets terms under which the affairs of the partnership are conducted.
An unincorporated association of two or more persons to pursue a business for profit as co-owners.
A partner who assumes unlimited liability for the debts of the partnership.
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 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 corporation with 100 or fewer stockholders that can elect to be treated as a partnership for income tax purposes but retain the same limited liability as other corporations.
Responses:
S corporation
Mutual agency
Partnership
Unlimited liability of partners
Partnership contract
C corporation
General partner
Limited liability partnership
Statement of partners' equity
Limited partnership
Correct Answer:
Premises:
Responses:
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 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.
A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner.
The legal relationship among general partners that makes each of them personally responsible for paying the debts of the partnership if the partnership cannot pay.
The agreement between partners that sets terms under which the affairs of the partnership are conducted.
An unincorporated association of two or more persons to pursue a business for profit as co-owners.
A partner who assumes unlimited liability for the debts of the partnership.
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 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 corporation with 100 or fewer stockholders that can elect to be treated as a partnership for income tax purposes but retain the same limited liability as other corporations.
Premises:
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 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.
A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner.
The legal relationship among general partners that makes each of them personally responsible for paying the debts of the partnership if the partnership cannot pay.
The agreement between partners that sets terms under which the affairs of the partnership are conducted.
An unincorporated association of two or more persons to pursue a business for profit as co-owners.
A partner who assumes unlimited liability for the debts of the partnership.
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 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 corporation with 100 or fewer stockholders that can elect to be treated as a partnership for income tax purposes but retain the same limited liability as other corporations.
Responses:
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