Would the partners be at risk for personal liability

Assignment Help Accounting Basics
Reference no: EM131560132

Business Entities - Partnerships and Corporations

Assume your company is involved in a major lawsuit and the probable damages are estimated to be $2,000,000.

A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership.

B. How do disclosure requirements differ from a corporation to a partnership and what information is required?

C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response.

D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response.

Reference no: EM131560132

Questions Cloud

List strategies for a specified population : List strategies for a specified population that would promote empowerment in your own community.
Is it a mesopotamian or egyptian site : 1. Give a summary of the site, in your own words. 2. Is it a Mesopotamian or Egyptian site? Where is it located within that region?
Discuss about the essentials of nursing leadership : A leader has the ability to combine commitment for improvement with knowledge regarding how to exercise influence and engage support.
What could cause the substantial difference : What could cause the substantial difference in the adjusted basis for Roger's and Paula's respective 1,000 share of Westcoast stock
Would the partners be at risk for personal liability : If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response
Cardiology surgery vs medicine : Explain why that is. (HINT: Non-invasive vs. Invasive) How are you going to remember this when you begin coding for a cardiologist?
Leadership is an activity of human engagement : According to an article comprised by Grand Canyon University (2013), the management process is multi-functional and financially self-conscious.
What might have been their rationale against the change : Consider that there were probably forces within the company that resisted the change. What might have been their rationale against the change?
Explain how the mali empire success : Explain how The Mali Empire's success could be attributed to their loyalty and personality, their use of their resources, and the commitment to their religion.

Reviews

Write a Review

Accounting Basics Questions & Answers

  An aging of a companys accounts receivable indicates that

an aging of a companys accounts receivable indicates that 4500 are estimated to be uncollectible. if allowance for

  The management of theus corporation is considering dropping

the management of theus corporation is considering dropping e281 sales 480000 variable expenses 202000 fixed

  Government savings bonds and bank certificates of deposit

Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2015 gross income:

  How much will the income be

If the company can earn 8 percent per annum on freed-up funds, how much will the income be? How many dollars will the cash management system free up?

  Which of the two reporting methods

Which of the two reporting methods (if either) do you think better expresses the hospital financial performance? Give reasons for your answers.

  Why is it important that we use the accounting practice of

why is it important that we use the accounting practice of capitalizing major asset acquisitions of items with

  Complete the necessary calculations in order to determine

smithton inc. produces four types of computer chips. two of these w and x are sold by the business. the others y and z

  Compute the rate of return of assets

Compute the rate of return of assets.

  Prepare entries necessary to classify the amounts into

cardinal paz corp. carries an account in its general ledger called investments which contained debits for investment

  The stock in mockingbird

59. Ida owns 30% of the stock in Mockingbird, a calendar year S corporation. Her basis in the stock as of January 1, 2013, is $120,000. Mockingbird has an operating loss of $500,000 in 2013 and an operating profit of $600,000 in 2014. Ida ..

  If sales for the current year were 695000 and accounts

the cash flows from operating activities are reported by the direct method on the statement of cash flows. determine

  Prepare report that includes your map of the current process

Prepare a report that includes your map of the current process, recommendations for improvement, and a map for your improved process.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd