Question.3016 - Instructions Review the associated chapter's opening feature involving Chance Claxton and Lynn Julian, and their company, Kids Konserve. Assume that Chance and Lynn, partners in Kids Konserve, decide to expand their business with the help of general partners. Required 1. What details should Chance, Lynn, and their future partners specify in the general partnership agreements? 2. What advantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership? 3. What disadvantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership? Write a memo in Word to Chance and Lynn detailing the above information. You will be graded on how well you address the questions. Addressing the questions involves identifying relevant facts, applying the chapter concepts,, and answering each question completely. Proper APA formatting is expected and required (cited sources, reference page, etc.). Supplement and synthesize your analysis with outsides scholarly sources. For assistance with APA citations, please visit the following links: The American Psychological Association Website: http://www.apastyle.org/ The APA site has numerous links (see “most popular”), but you may want to view the tutorial if you are completely new to APA: http://www.apastyle.org/learn/tutorials/basics-tutorial.aspx Note: This assignment will be submitted for plagiarism detection. You may not copy and paste any part of your submission, (not even from the text book) unless it is quoted and cited. Your submission must return less than 20% similarity index in order to be graded.
Answer Below:
Chance xxxx and xxxxx future xxxxxxxx should xxxxxxx the xxxxxxxxx details xx the xxxxxxx partnership xxxxxxxxxx The xxxxxxxxxxx agreement xxxxxx include xxx names xxx contributions xxxx by xxxx of xxx partners xxx rights xxx duties xx each xxxxxxx with xxxxxxx to xxx activities xx Partnership xxx ratio xx sharing xx income xxx losses xx each xxxxxxx In xxxx of x partner xxxxx to xxxxxxxx then xxx withdrawal xxxxxxxxxxx Dispute xxxxxxxxxx and xxx ways xx resolve xxx disputes xxx rules xxxxxxxxx the xxxxxxxxx of xxxxxxxx and xxx rights xxx duties xx remaining xxxxxxxx in xxx event xxx of xxx partner xxxx The xxxxxxxxxx of xxxxxxx a xxxxxxxxxxx are xxxx two xx more xxxxxx come xxxxxxxx it xxx happen xxxx one xxxxxx has xxxxxxxxx and xxxxxxx person xxx expertise xxxx they xxxx can xxxxxxxxxxx to xxxx a xxxxxxxxxxx to xxxxxxx each xxxxx The xxxxxxx in xxxxxxxxxxx are xxxx taxed xxxx on xxx individuals xxxxxx and xxx on xxxx partnership xxxxx The xxxxxx operating xxxxxxxxx is xxxx an xxxxxxxxx for xxxxxxxxxxx business xxxxx should xx kept xx mind xxx flexibility xx Partnerships xx also x key xxxxxxxxx The xxxxxxxxxxx in xxxxxxxxx or xxxxxxxxxxx of xxxxxxxx or xxx other xxxxxx This xxxx of xxxxxxxxxxxx is xxx of xxx most xxxxxxxx ones xxx Disadvantages xxx Collaboration xxx act xx advantage xxx a xxxxxxxxxxxx because xxxxxxxxx are xxxxx to xxxxxx in xxxxxxxxxxxx The xxxxxxxxxxxxx may xxxx up xxx to xxx reasons xxx authority xx partners xxx be x problem xx the xxxxxxxx of xxx partner xxx to xx agreeable xx all xxxx sometimes xxxx may xxxxxx a xxxxxxx The xxxxxxxxx liability xx partners xxxx respect xx personal xxxxxxxx may xx at xxxxx is xxxxxxx disadvantage xx such xxxxx of xxxxxxxx Sudden xxxxxxxxxx or xxxxx of x partner xxx result xx the xxx to xxx partnership xxxx though xxxxx run xxxxxxxxxxxx This xxxx of xxxxxxx cannot xx resolved xxxxx and xxxxxx a xxxxxx bond xxxxxxx partners xxx ownerships xxx not xxxxxxxxxxxxx in xxxx of xxxxxxxxxxx as xxxxxx as xxxx in x Corporation xxxx is xxxxxxx disadvantage xxxxx the xxxxxxxx should xxxx in xxxxMore Articles From Accounting
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