3. What is the liability of partners in a partnership firm? Limited Unlimited Limited to the capital of business No Liability Answer:B) Unlimited Explanation: In a partnership firm, every one of the accomplices of the business has a limitless obligation. Every one of the obligations and liabil...
2004-05 without deducting interest and salary to partners and as an AOP up to A.Y. 2003-04. Partners� assessments 1. Once tax is paid by firm , no tax will be payable by the partners on share of income from the firm . 2. Amount of Interest and/or remuneration etc. received by ...
In regards to partnerships, define the term "basis" and explain why it is important to understand. Explain the reporting for: (a) Costs to fulfil a contract (b) Collectability What are the arguments against recording salary and bonus allowances to part...
The firm's clients are very varied to cover the expected rural related sectors, across the region, but also with a very wide ranging, commercial client base, across varied industry, sole trade, partnership and limited company, fast growing OMB and SME clients. The firm also has many clients ...
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Partnerships asset accounts should be changed from cost to fair market value when a new partner is admitted to a firm or an existing partner withdraws or dies. a. True b. False Is the following statement true or false: Partners in a partnership are taxed on...
the firm who work for them in the hopes of someday making full partner. These junior partners are paid a salary and often have no stake or liability in the partnership. The important point is that they are designated professionals who are qualified to do the work that the partners bring ...
A.Nopartnerisentitledtoremunerationsuchassalaryforactinginthe partnershipbusiness. B.Thepartnershipagreementmaybevariedwiththeconsentofallthe partners. C.Partnersshareprofitsintheratiooftheamountsofcapitalthatthey originallycontributedtothefirm. D.Nointerestispaidoncapital. ...
Partners and sole proprietors do not have to pay this type of insurance tax while the corporation's shareholder-employee must pay this tax which is based on salary. Currently, this tax is figured by calculating 6.2 percent based on the initial $7,000 received of income. The maximum is $...
Below are the steps to set up a partnership business: 1. Choose the name of the partnershipDepending on which type of partnership, the name is supposed to complement the partnership type. If a law business sets up an LLP, the name of the firm is supposed to include “LLP”. For ...