Formation
A popular form of business that is easy to form and allows individuals to combine their talents and skills in a particular business venture.
What is a partnership?
The term used for a partner's interest in the partnership.
What is the Equity?
The percent of existing partners that must approve of the admission of a new partner.
What is a unanimous decision?
The termination of a partnership
What is dissolution?
Type of partnership where all partners have unlimited liability.
What is a general partnership?
The term use for a partner who is in charge of overseeing the partnership.
What is a Managing Partner?
Retirement or withdrawal of a partner from a partnership.
What is disassociation?
The activities that start the liquidation process.
What are the wind-up activities?
Type of partnership where partners are not personally liable for a partnership obligation.
What is a limited liability partnership?
The method used to share profits if none is specified in the partnership agreement
What is equal shares?
The type of partnership with which a general partnership can merge.
What is a limited paraatnership?
The form that individual partners receive form the partnership to attach to their own 1040 forms
What are K-1s?
Name one of the six items included in a partnership agreement.
What is
1. Name of partnership and partners
2. Type of business conducted by the partnership
3. Initial capital contribution of each partner
4. A complete specification of the profit/loss distribution
5. Procedures used for changes in partnership
6. Other aspects of operations the partners decide on
Allocation percentages decided upon by the partners at the time of formation.
What are Ratios?
The right that a spouse will receive if a partner dies
What is the right to share in profits/losses?
The tax from used to report partnership income
What is Form 1065?
Becomes the partnership agreement for those partnerships that do not have one.
What is the Uniform Partnership Act of 1997?
What is a Partnership Agreement?
A form under RUPA which allows a partnership to file a statement with the state to gaive notie of the partners that are allowed to act on behalf of the partnership.
What is a Statement of Authority?
The Act that specifies that the partnership will be terminated if a partner withdraws
The Uniform Partnership Act