Question: A friend of yours is looking for a partner to
A friend of yours is looking for a partner to begin a children’s wear boutique. She has fashion merchandising and sales education and experience as well as cash and a good credit rating. She is enthusiastic and anxious to begin the new business. You have cash, a desire to own a business, and sales experience, and you believe you would get along well with this potential partner. Why would you hesitate? What should you discuss with your friend about partnerships?
Answer to relevant QuestionsThe following information concerns the partnership of Smith and Garcia LLP. The partnership agreement provides for salary allowances of $ 91,900 for Smith and $ 89,350 for Garcia. The agreement also stipulates interest of 10 ...What is the purpose of Common Stock Subscribed? What happens to the account?Wright Bakery has authorized capital consisting of 25,000 shares of cumulative preferred 9 percent stock, $ 100 par value, and 25,000 shares of common stock, $ 30 par value. Record the following transactions in general ...Horse Productions, Inc., was organized on June 4 of this year and has a charter that stipulates the following authorized capital: a. 10,000 shares of preferred 9 percent stock, $ 60 par value b. 35,000 shares of common ...How do the closing entries for a corporation differ from the closing entries for a sole proprietorship?
Post your question