User Account

All Pages

How does general partnership differ from limited partnership

Assignment Help Accounting Basics
Reference no: EM131534221

Question: 1. George, Burton, and Dillman have been partners for three years. The partnership is being dissolved. George is leaving the firm, but Burton and Dillman plan to carry on the business. In the final settlement, George places a $75,000 salary claim against the partnership. He contends that he has a claim for a salary of $25,000 for each year because he devoted all of his time for three years to the affairs of the partnership. Is his claim valid? Why or why not?

2. How does a general partnership differ from a limited partnership?

Reference no: EM131534221

Questions Cloud

Implement restorative justice theories effectively in state : What significant challenges do you think exist with regard to implementing restorative justice theories effectively in state and local criminal justice systems?
What does the term unlimited liability mean : Assume that Amey and Lacey are partners. Lacey dies, and her son claims the right to take his mother's place in the partnership. Does he have this right?
Database essentials for business : Why is data security important now more than ever? What are some of the steps that we can take to ensure that our database is protected and secure?
Describe the emotions that played a role in this scenario : Describe the emotions that played a role in this scenario and what could or should have been done to have the emotional aspect be more positive
How does general partnership differ from limited partnership : George, Burton, and Dillman have been partners for three years. The partnership is being dissolved. George is leaving the firm, but Burton and Dillman plan.
Database essentials for business : Finding information in a database can be difficult unless you know what information you need and how to look for it.
How do the cultural aspects of that country influence : How is the system in the country you have chosen different from that of the U.S. system?How do the cultural aspects of that country influence its system?
Explain the basic buddhist teachings : Explain the basic Buddhist teachings, including the three marks of reality, the Four Noble Truths, and the Noble Eightfold Path
Must the partnership pay for the merchandise : Kent and Davis are partners in operating a store. Without consulting Kent, Davis enters into a contract to purchase merchandise for the store.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd