Why is the partnership form of business organization sometimes preferred over the corporation or the sole proprietorship form?

 

Select three of the following questions for your initial response. Copy and paste the questions you decide to answer in bold type. It is a good idea to select questions to which you do not know the answer or would like to understand better. Also, be bold and answer a question you have not seen a classmate answered yet.

  1. Why is      the partnership form of business organization sometimes preferred over the      corporation or the sole proprietorship form?
  2. Does a      partner leaving a partnership require the partnership to dissolve and wind      up its business? Explain how the partnership may purchase the      disassociated partner’s interest in the partnership.
  3. Present      the arguments for and against the bonus method of admission of recognizing      the admission of a new partner
  4. The      Jones Partnership agreement includes a provision for distribution of      partnership interest on capital balances. Unfortunately, the provision      does not state the specific capital balance to be used in computing the      profit share. What choices of capital balances are available to the      partners? What is the preferred capital balance to be used in an interest      allocation? Why?
  5. Under      what circumstances would a partner’s capital account have a debit, or a      deficiency, balance? How is the deficiency normally eliminated?
  6. Assume      that because of a new law recently passed, the types of significant      transactions in which the partnership engages are no longer lawful. Two of      the five partners wish to wind up and terminate the partnership. Can these      two partners require the partnership to terminate? Explain in detail.
  7. What      are the major causes of the dissolution of a partnership? Explain the      accounting implications of a dissolution.
  8. A, B,      and C are partners. The partnership is liquidating, and Partner C is      personally insolvent. What implications may this have for Partners A and      B?
  9. The      installment liquidation process uses a worst-case assumption in computing      the payments to partners. What does the worst-case assumption mean?
  10. Contrast      a lump-sum liquidation of a partnership with an installment liquidation of      a partnership.

Include in bold type in your initial response the above question(s) you are answering.

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