Question: What is the distinction between a general partnership and a limited partnership?

What is the distinction between a general partnership and a limited partnership?

Step by Step Solution

★★★★★

3.59 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A general partnership is one in which two or more partners divide up the profits usually equally and ... View full answer

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

Document Format (1 attachment)

Word file Icon

582-L-B-L-B-O (1079).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Q:

What is the distinction between a qualitative and a quantitative measure?

Q:

What is the distinction between a capital and an operating expenditure? Give two examples of each.

Q:

What is the distinction between a return of capital and a return on capital?

Q:

2013 Partnership Return Form 1065 2013 Schedule K (k-1's) 2013 Form 4562 See attached for description. Completed forms and attachments will be necessary for payment Certain Cash Contributions for...

Q:

Partnership Tax Return INSTRUCTIONS Please use the information below to complete the Form 1065 and the Schedule K-1 for Malcolm Fox only. Blank forms can be found on the IRS site or Doc Sharing....

Q:

******The tax form has already been filled out but a double check would be nice ****** PART 1 Because it is important for accountants to demonstrate the filing requirements for specialized tax...

Q:

Part 3 of the tax return, for a S Corp. Form 1120S Research Associates Gross receipts Cost of goods sold Dividend income Interest income Long-term capital loss Compensation of officers Salaries &...

Q:

1 . Lindsey is a limited partner in a limited partnership formed for a term of five years. The partnership agreement has no provisions relating to withdrawals of limited partners. In the third year...

Q:

The KL Partnership is owned equally by Kayla and Lisa. At the beginning of the year. Kayla's basis is $20,000 and Lisa's basis is $16,000. Partnership debit did not change from the beginning to the...

Q:

The Foreign Corrupt Practices Act was part of the Securities Exchange Act of 1934 when it was passed into law during the Depression. Group of answer choices True False Flag this Question Question 8...

Q:

IBCs financial manager has recently reviewed the companys capital expenditure processes and set a policy to maintain the current capital structure proportions of 35 per cent interest-bearing debt, 15...

Q:

Explain the term NPSH and the characteristics of a centrifugal pump. Why the centrifugal pumps are designed for a specific flow rate?

Q:

Which of the following best describes the role of shareholders in a corporation? Shareholders own the firm and elect the Board of Directors to oversee management and ensure their wishes are carried...

Q:

In the simple linear regression model y 5 b0 1 b1x 1 u, suppose that E1u2 2 0. Letting a0 5 E1u2, show that the model can always be rewritten with the same slope, but a new intercept and error, where...

Q:

Attorneys, journalists, media, and legal and human rights organizations brought action against the Central Intelligence Agency, challenging the constitutionality of Section 702 of the Foreign...

Q:

This is an unusual case involving an effort to obtain judicial review of a Veterans Administration (VA) publication that was issued in 1978. The publication concerned the processing of claims fi led...

Q:

On January 21, 2003, Robbins filed an application for site plan approval to construct an asphalt plant within the town limits of Hillsborough. Robbins had entered into a contract to purchase the...

Q:

The City of Boxborough is preparing its government-wide financial statements from its fund financial statements.\ \ The City identifies Capital Assets with a book value of $800,000 (all numbers in...

Q:

Which of the following statements is not true when editing links? ( Select the correct answer ) A link specifies the file name and location at the time the formula was created. You cannot break a...

Q:

How to solve following qyestion:- A sample of n=16 observations is drawn from a normal population with =1000 and =200. Find the following: a)(> 1070) b) ( 990