Question: A general partner: a. Has a maximum loss equal to his or her equity investment. b. Faces double taxation whereas a limited partner does not.

A general partner:

a.

Has a maximum loss equal to his or her equity investment.

b.

Faces double taxation whereas a limited partner does not.

c.

Is personally responsible for all the partnership debts.

d.

Receives a salary in lieu of a portion of the profits.

e.

Has no say over a firm's daily operations.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

A gerneral partner is personally responsible for allA gemeral partnear: Multiple Choice 0 2 0 7 5 9 is personally responsible for all partnership debts. has a maximum loss equal to his or her equity...

Q:

A general partner:O has a maximum loss equal to his or her equity investment.O taces double taxation whereas a limited partner does notO tes no say over a fris daily operations.O receives a salary in...

Q:

A general partner Multiple Choice cannot lose more than the amount of his/her equity investment. has less legal llability than a limited partner. faces double taxation whereas a llmited partner does...

Q:

cial 1) A sole proprietorship is owned by: A) one person. es asta! sy po los oj B) two of more persons. C) shareholders. D) bankers. 2) Which of the following organization forms for a business does...

Q:

Chapter 1 Introduction to Accounting NAME ___________________________________________________ DATE _______________________________ 1. Which of the following events would be recorded as an accounting...

Q:

BUSINESS LAW - BLAW150 - Winter 2017 Instructor: Frank Fischer ASSIGNMENT #2 - 1st Alternative DUE DATE: Friday April 21, 2017 11:59 pm I have decided to create two (2) alternative assignments for...

Q:

Do the reading assignment and then look up KRS 275.520 and read its text.Then answer the questions below. Fully explain your answers: 1.What is the taxation advantage of a LLC as opposed to a...

Q:

QUESTION 1 Money Corporation has the following income and expenses for the tax year: Gross profit on sales: $200,000 Expenses: 700,000 Dividends received from less-than-20%-owned domestic...

Q:

QUESTION 1 . Larry wants to start and operate his own small family grocery store in Eaton, Ohio. Larry is not concerned about the business continuing in some form after he decides to either retire or...

Q:

Chapter 1. Sample Assignment Instructions Find a sample document or article online related to a main topic in the chapter. In the Discussion Section, respond to two classmates and post the title &...

Q:

A random variable is defined as the outcome of one or more chance processes. Imagine that youre forecasting the cash flows associated with a new business venture. List some of the things that come...

Q:

The view being reported in the extract of how the European Central Bank will deal with inflation is (4 marks) a) Classical economics b) Keynesian economics c) The monetarist approach d) The...

Q:

Reducing a cash dividend is seen in the market as a positive signal to investors. True False

Q:

Scenario: A Multi-national Corporation called The Globe has created a subsidiary called Thirst in an under-developed country called non-potable waters. This hosting country suffers from a severe...

Q:

4. How do you feel about airlines mining your in-flight data? Is this any different from companies mining your credit card purchases or Web surfing? With the amount of data available to companies...

Q:

1. Describe the kinds of data being analyzed by the companies in this case. With the amount of data available to companies doubling every year, new sources of data, and innovations in data...

Q:

2. How is this fine-grained data analysis improving operations and decision making in the companies described in this case? What business strategies are being supported? With the amount of data...