Quizlet
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| 1-5 of 5Partnerships flashcard sets | |||
|---|---|---|---|
| # | Title | Terms | Date |
| 1 | Partnershipsby guamdre | 21 terms | May 2, 2009 |
| 2 | Partnershipsby guamdre | 50 terms | May 31, 2009 |
| 3 | Partnershipsby Wongtong | 14 terms | April 7, 2009 |
| 4 | Bisk CPA: Partnershipsby Steve_Heizmann | 21 terms | January 10, 2009 |
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| 5 | 8.2 Sole Proprietorships and Partnershipsby mjdolenko | 5 terms | October 11, 2009 |
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| partnerships definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | business organizations in which two or more persons share responsibilities, costs, profits, and losses. | 3 sets | |
| 2 | a business that is owned and ran by two or more people, with unlimited liability. | 2 sets | |
| 3 | businesses owned by more than one person | 2 sets | |
| 4 | 2 or more people combine time and money to run a business | 2 sets | |
| 5 | groups of merchants joined together. | 1 set | |
| 6 | 2 to 20 owners, unlimited liability | 1 set | |
| 7 | owned, controlled and financed by upwards of two partners. terms of partnership agreed through contract. they are bound by partnership act 1980 and common in professions of lawyers, architects, surveyors', estate agents, vets. | 1 set | |
| 8 | form of business where there are more than one person shares the business's decisions and outcomes | 1 set | |
| 9 | an element of strategy execution – they are not a mechanism of strategic positioning | 1 set | |
| 10 | the goal of this is to achieve benefits which are not possible to attain individually | 1 set | |
| 11 | businesses with two or more owners | 1 set | |
| 12 | a business owned by two or more people | 1 set | |
| 13 | groups of merchants joined together | 1 set | |
| 14 | pooling funds to finance a large sum venture that would have been too costly for any individual traded. the pros of this were; made capital more easily available and reduced risk for any one partner because no one had to invest all his or her capital to the company | 1 set | |
| 15 | are not taxable entities, they are reporting entities. partnerships function as a conduit for income tax purposes. | 1 set | |
| 16 | between two and twenty people, trading in the names of the partners or under a suitable trading name. advantages: more owners bring more capital to invest at the start, partners bring more ideas and expertise, and partners can cover for each other's holidays and illness. disadvantages: partners still have unlimited liability, each partner is liable for decisions made by other partners, and there's a risk of conflict between partners. | 1 set | |
| 17 | owned by two or more people | 1 set | |
| 18 | a business owned by two or more persons, with no legal identity distinct from that of the owners | 1 set | |
| 19 | a deal where two or more people own a corporation and split the profits and debts. | 1 set | |
| 20 | because partnerships are dissolved automatically by the death of a partner, it is vital that a binding buy-sell agreement be established by the partners while they are living. in an entity plan, the insurance is owned by the partnership. in a cross-purchase plan, each partner owns insurance on the lives of the other partners. | 1 set | |
| 21 | business organization owned by 2 or more persons who agree on a specific division of responsibilites profits | 1 set | |
| 22 | a business organization owned by two or more persons who agree on a specific division of responsibilities and profits, | 1 set | |
| 23 | a legal form of business with two or more owners | 1 set | |
| 24 | associations of two or more people in a business venture | 1 set | |
| 25 | 2 or more people share in management, profits and risks of the business, income is taxed as ordinary income on personal tax forms, relatively easy to form and provides a business with skills talents of several people, rather than just one. disadvantage- all partners are responsible and liable for the actions of the others. variation- limited partnership | 1 set | |
| 26 | avoid controversial ones; cover the legal paperwork; partner with recreation departments | 1 set | |
| 27 | any venture in which two or more persons endeavor to make a profit | 1 set | |
| 28 | formed by those who wanted to raise large amounts of money formed so the could expand and increase profits. | 1 set | |