General partners in a limited partnership:
a. have no liability
b. have limited liability
c. are personally liable to the partnership's creditors only if they choose to be d. are personally liable to the secretary of state
e. none of the other choices are correct
e
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Melon Corporation makes its first purchase of 30% of Hill Corporation stock on July 31 of this year. Melon Corporation uses a calendar tax year. To use the Sec. 338 election, Melon Corporation must purchase
A) an additional 50% of Hill Corporation stock by December 31 of this year. B) an additional 50% of Hill Corporation stock by July 30 of next year. C) an additional 51% of Hill Corporation stock by December 31 of this year. D) an additional 51% of Hill Corporation stock by July 30 of next year.
When someone is setting aside or retaining money specifically to meet short-term financial goals, they are what?
A) Hoarding B) Saving C) Mattress Stuffing D) Investing E) Depositing
Discuss how a business unit may avoid problems of cannibalism among competing brands.
What will be an ideal response?
Gabriella and Juanita form Luster Corporation. Gabriella transfers cash of $50,000 for 50 shares of stock, while Juanita transfers information concerning a proprietary process (basis of zero and fair market value of $50,000) for 50 shares of stock
a. The transfers to Luster are fully taxable to both Gabriella and Juanita. b. Juanita must recognize gain of $50,000. c. Because Juanita is required to recognize gain on the transfer, Gabriella also must recognize gain. d. Neither Gabriella nor Juanita will recognize gain on the transfer. e. None of the above.