Ch.37 Worksheets - Chapter 37 Worksheets Worksheet –...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 37 Worksheets Worksheet – Partnership Concepts Formation and Operationships 1. One basic difference between partnership and agency law is that: B. each partner has an ownership interest in the firm. 2. When there is no expressed partnership agreement what governs the operation of partnership? The Uniform Partnership Act. 3. Pass-through entity – An entity that does not have its income taxed at the level of that entity; examples are partnerships S corporations, and limited liability companies. Partnership – An agreement by two or more persons to carry on, as co-owners, a business for profit. Information return - A tax return submitted by a partnership that reports the income earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner’s profit from the partnership (whether distributed or not) is taxed as individual income to the individual partner. 4. Three Essential Elements to Determine Whether a Partnership Exists: (a) A sharing of profits or losses. (b) A joint ownership of the business, (c) An equal right to be involved in the management of the business.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern