For your fourth assignment we will be covering the Partnership chapter. Partnerships are very similar to...

For your fourth assignment we will be covering the Partnership chapter. Partnerships are very similar to sole proprietorships in many ways but it adds the old mantra of "two heads are better than one" to the mix. After reading the chapter please complete the following questions.

1. What are some examples of industries that the business entities still commonly setup in the partnership business form?

2. Why would a group of people organize their business as a partnership?

3. What is the difference between the entity theory and aggregate theory of partnerships?

Expert Solution

1. What are some examples of industries that the business entities still commonly setup in the partnership business form?

Ans: Partnership is very simple form of business to operate. However in partnership form the partners are liable for business debts. Some industries where still partnership form of business is preferred includes:

Law Firms
Audit Firms
Management Consultants

2. Why would a group of people organize their business as a partnership?

The reasons for organizing business as partnership are :

There is not too much incorporation formalities. Partnership is easy to set up
There is no taxation on partnership business. The partners are individually taxed for profit from business
There are some options available in partnership such as Genera Partnership, Limited Partnership and Joint Ventures
Each partner acts on behalf of other partner
Winding up the partnership form of business is also simple.

3. What is the difference between the entity theory and aggregate theory of partnerships?

The entity theory of partnership treats the Partnership firm as one and held the Partnership firm liable for its action. On the other hand aggregate theory considers the partnership as association of two or person to carry own a business with an intent to make profit.

The Entity theory separates the partners as individuals from the partnership firm. However the aggregate theory states that the Partners are jointly and severally liable for their actions.

ekkarill92 answered 6 months ago

Business ethics This week we are covering the textbook topics found in Chapter 4, The Nature...

Business ethics This week we are covering the textbook topics found in Chapter 4, The Nature of Capitalism (beginning on page 117) and Chapter 5 Corporation (beginning on page 156). For this week’s discussion you need to post your thoughts on the following questions. Per our textbook, there are four key features of capitalism which include the existence of companies, the goal of making a profit, a competitive market, and private property ownership. How do these four features of capitalism...

Chapter 16: Imagine that your audience is a group of fourth graders. How would you organize...

Chapter 16: Imagine that your audience is a group of fourth graders. How would you organize an informative speech about "Space Exploration?" How will you make it interesting and not overwhelming? Chapter 15: What is extemporaneous speaking? What are the advantages of using this speaking style over impromptu and manuscript styles? Chapter 14: In your opinion, is writing the introduction to a speech or a paper more or less challenging than writing the conclusion? Why? Chapter 14: What is a...

Organisational behaviour- For this assignment you will pick a chapter from the chapters we will cover...

Organisational behaviour- For this assignment you will pick a chapter from the chapters we will cover in class and discuss what your main learning from the reading/class discussion was and how this learning has impacted your way of thinking in your personal and/or professional life. What has changed? How might this affect your future practice? What are the implications for the workplace? Is there a question or a concern that has arisen for you as a result of this content?

The assignment for this week builds on what we covered in Chapter 3 using functions, as...

The assignment for this week builds on what we covered in Chapter 3 using functions, as well as introduces Conditional Statements. I have created your HTML file for you, along with some starter JavaScript to get you started. The HTML contains 3 text boxes and a button, and you'll recognize it as a simple registration form. Typically when you complete a form online, the data is sent to a server to be processed. If we are must send data across...

For your last assignment, we will be focusing on race and diversity.

For your last assignment, we will be focusing on race and diversity. As each of you know, this is a hot topic item that has been embedded in our countries foundation. Although progress has been made, racial relations and tension continues to dominate the headlines. Regardless of one’s political affiliations, socioeconomic status, there is as still a human component. I would like for you to find an article dealing with racial tension and diversity in the U.S. There is no...

1. Checking accts & MMDA's are very similar. Where would you put your $ & why?...

1. Checking accts & MMDA's are very similar. Where would you put your $ & why? 2.What reserve requirement would you put on banks? Why? Does the type of loans the bank make effect your decision? 3. If I rates are increasing is that a + or - for bank earnings? Answer all 3 please thank you!

CHAPTER 6 ASSIGNMENT Ch6Amnt Let's use the example in your Chapter 6 Valuing Bonds Guide spreadsheet...

CHAPTER 6 ASSIGNMENT Ch6Amnt Let's use the example in your Chapter 6 Valuing Bonds Guide spreadsheet from the Resource section for this chapter, to do a few Questions and Problems. You will see that problems and questions #3, #6, #4 and #5 from the textbook are solved for you in the Valuing Bonds Guide as follows: #3 addresses PV where we solve for the way to Price a bond #6 - same - we solve for PV to get the...

In this assignment you will write your own shell program, Mav shell (msh), similar to bourne...

In this assignment you will write your own shell program, Mav shell (msh), similar to bourne shell (bash), c-shell (csh), or korn shell (ksh). It will accept commands, fork a child process and execute those commands. The shell, like csh or bash, will run and accept commands until the user exits the shell. Your file must be named msh.c Functional Requirements Requirement 1: Your program will print out a prompt of msh> when it is ready to accept input. It...

In this assignment you will practice using the pattern-matching constructs described in chapter 7 of your...

In this assignment you will practice using the pattern-matching constructs described in chapter 7 of your textbook to write several short SML functions. If at all possible, write all functions using pattern-matching constructs. Include your name as a comment in the file, like this (* John Q Adams *). To reiterate - Use the pattern matching constructs described in chapter 7 to define your functions. Do the two steps below: Download the following file to a folder. It contains dummy, hence...

This assignment is designed to develop your understanding of the System Development Life Cycle (Chapter 9),...

This assignment is designed to develop your understanding of the System Development Life Cycle (Chapter 9), security (Chapter 10), and opportunities related to the internet of things (Chapter 1). If you’re not familiar with Internet of Things (IoT) solutions, you should begin by researching existing IoT solutions. Many IoT solutions can be found on the internet. For this assignment, you need to do the following: 3. In bullet form, list the security that will be used for your design. For...

Question