Characteristic Application to General Partnerships 1. Ease of formation . . . .

Question

Characteristic Application to General Partnerships 1. Ease of formation . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Transferability of ownership . . . . . . . . . . . . . . . . . . 3. Ability to raise large amounts of capital . . . . . . . . 4. Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Owners??? liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Legal status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Tax status of income . . . . . . . . . . . . . . . . . . . . . . . 8. Owners??? authority . . . . . . . . . . . . . . . . . . . . . . . . . . Next to the following list of eight characteristics of business organizations, enter a brief description of how each characteristic applies to general partnerships.
From: undefined
Source:ISBN: 0077554698 | Title: Fundamental Accounting Principles, Vol 2 (Chapters 12-25) | Publisher: McGraw-Hill Higher Education

Explanation / Answer

1. Continuous 2. Limited 3. Separrate legal entity 4. corporate income is taxed 5. One vot per share

6. Requires government approval. 7. Readily transferred 8. High ability

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