1. James is running for public office. Hughes owns property that fronts a busy highway. James...

1. James is running for public office. Hughes owns property that fronts a busy highway. James offers to pay Hughes $5,000 if Hughes will allow James to post campaign signs along the front of Hughes’ property. This arrangement is?

A. Profit in gross.

B. None of the alternatives are correct.

C. License

2. The equity interest of a partner in a partnership is represented by which of the following

A. capital account.

B. certificates of ownership.

C. membership units.

Solutions

Expert Solution

Answer: C. License

Reasons:

C. License is a permission given to someone to use something after making a deal.

A. Profit in gross is known as Gross profit i.e. the total of your sales minus the cost of goods sold and your marketing expenses. Which is inappropriate here, hence not the answer.

2. The equity interest of a partner in a partnership is represented by which of the following

Answer: B. Certificate of Ownership

Reasons:

B. Certificate of Ownership is a written document signed on behalf of a corporation that serves as legal proof of ownership of the number of shares indicated and the equity interest of a partner in a partnership is defined as the amount of equity a single person holds in a business, is a common concept to the small business world. For example, if an angel investor receives 25% ownership of a company, the investor has a 25% equity interest in that business. So, Certificate of ownership is in line with equity interest.

A. Capital Account term is irrelevant here. Hence, not the answer.

C. Membership Units, just shows whether a partner is member or not and the equity interest is not displaced in it. Hence, not the answer.

keosha answered 8 months ago

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