Acct 1105 financial accounting discussion (due 6/21/22)

 LM 3 Discussion Board

1. Mention and Explain the four most common legal forms of organization.

2. Explain the characteristics of :

a. Limited Liabilities Company

b. Partnership

3. Mention and explain three provisions of partnership agreement?

4. In the absence of partnership agreement, how does partnership share profit or loss?

5. How does a partnership admit a new partner?

6. Define the concept of ” Partner Bonus”, and state how does partner bonus determined.

7. Explain what happens to partnership when:

a. A partner withdraws.

b. A partner dies.

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