Section 3 of the Partnership Act 1961, define partnership as the relation which subsist between persons carrying on business in common with a view of profits. From the above explanation it is clear that there are three elements must be satisfied first before a business is or not a partnership Discuss the said three elements (15 marks) What factors can determine the existence of a partnership. (10 marks)
Answers
Partnership is a business association of two or more people who are the owners and contribute to a business’s success.
Three basic element of partnership are:- agreement, carrying on business, sharing profits.
Factors that determine the existence of partnership are:- sharing of profit and loss, contribution of capital, joint liability, joint ownership and control, mutual agreement.
The three basic elements that define a partnership as per the Section 3 of the Partnership Act 1961 are as follows:
Agreement: The first element of the partnership is the mutual agreement of the parties to engage in business. There should be a partnership agreement between all partners. It is important to mention all partners' roles, responsibilities, shares in profits, duration of the partnership, and other relevant issues. This agreement may either be written or oral, but in most cases, it is written. The agreement must be legal and should have the consent of all parties involved. It will help to prevent any future disputes, misunderstandings, and litigation.
Carrying on Business: The second element is carrying on a business. A partnership must involve a trade, occupation, or profession that is conducted by two or more people in common. A partnership does not have to engage in profit-making activities, but there should be an agreement that the partners have the purpose of earning profits.
Sharing Profits: The third and final element of the partnership is the sharing of profits. The profit-sharing must be based on a legal agreement. In a partnership, the partners share the profits and losses of the business. The sharing of profits is the essential feature of the partnership. Profit-sharing can be either equal or unequal; it depends on the agreement reached by all the parties involved. The profit-sharing is calculated based on the capital contributed by each partner, time spent in the business, and skills contributed by the partners.
Factors that determine the existence of a partnership are as follows:
Mutual agreement: The partners must have a clear and explicit agreement, either written or verbal, that they intend to form a partnership. The agreement may outline the rights, duties, and responsibilities of each partner and establish the terms of profit-sharing.Joint ownership and control: The partners must jointly own and control the business, meaning they have equal decision-making authority and share in the management and operation of the business. They may also have the power to bind the partnership in legal and financial matters.Sharing of profits and losses: Partnerships involve the sharing of profits and losses among the partners. This can be based on a predetermined ratio or agreement. The partners must have a financial stake in the business and be prepared to contribute capital and share in any losses incurred.Contribution of capital, skills, or labor: Each partner must contribute something of value to the partnership, which can include capital, assets, skills, knowledge, or labor. This contribution demonstrates the partners' commitment to the business and their willingness to actively participate in its operations.Joint liability: Partners are jointly and severally liable for the debts and obligations of the partnership. This means that each partner is personally responsible for the partnership's obligations, and their personal assets can be used to satisfy the partnership's debts.Learn more about partnership here:-
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Related Questions
tax is a tax whose average rate increases as income increases tax is a tax whose average rate is constant at all income levels O A. progressive, proportional OB. proportional, regressive O C. proportional, progressive O D. regressive, progressive Suppo Atax is a tax whose average rate decreases as income O A. regressive O B. marginal O C. progressive Vertica OD. proportiona market
Answers
progressive. A progressive tax is a tax system where the average tax rate increases as income increases.
This means that individuals with higher incomes pay a larger percentage of their income in taxes compared to those with lower incomes. The idea behind a progressive tax is to redistribute wealth and provide a more equitable tax burden, as individuals with higher incomes are typically able to afford a higher tax rate.
In contrast, a proportional tax (option B) has a constant average tax rate at all income levels, meaning everyone pays the same percentage of their income in taxes. A regressive tax (option D) is one in which the average tax rate decreases as income increases, placing a greater burden on lower-income individuals. Option C is not a valid option as it combines characteristics of both proportional and progressive taxes.
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What information does a lead contain in a news story?
Answers
Answer:
1st one
Explanation:
When you start a new job, you receive a form that you use to prove that you are eligible to work in the U.S. What is this form?
Answers
I believe it's a Work Permit.
The maturity date of a note receivable:
a. Is the day of the credit sale.
b. Is the day the note was signed.
c. Is the day the note is due to be paid.
d. Is the date of the first payment.
e. Is the last day of the month.
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c. Is the day the note is due to be paid.
The maturity date of a note receivable refers to the specific day on which the note is scheduled to be fully repaid. It is an important aspect of the note as it determines the timeline for the borrower's payment obligations. The maturity date is typically set at the time of the note's creation and is agreed upon by the parties involved. It is different from the day of the credit sale or the day the note was signed, as it specifically signifies the deadline for the borrower to make the final payment. This date is crucial for both the lender and the borrower, as it sets the timeline for the repayment of the debt and helps in managing cash flow and financial planning.
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The Natural rate of unemployment is: A. Structural unemployment rate plus frictional unemployment rate. B. The actual rate minus the cyclical rate C. A and B Leaning towards A
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Who has a tw octane on rocket leage?
Answers
Answer:
I do :)
Have a great day!
Answer:
me
Explanation:
In 2005, $320 million of the federal government’s budget was allocated toward building a "bridge to nowhere" in Alaska that connected two small towns. In 2006, $500,000 was allocated toward a teapot museum in North Carolina, $1 million toward a water-free urinal initiative in Michigan, and $4. 5 million toward a museum and park at an abandoned mine in Maine. These projects were requested by specific legislators in order to boost their popularity in their constituencies
Answers
The expenditures is known as C. pork barrel spending.
What is an expense?An expense is defined as any item that necessitates the payment of money, or any form of fortune in general, to another person or group in exchange for an item, service, or other category of costs. Rent is an expense for a tenant. Tuition is an expense for both students and parents.
Pork barrel is a metaphor for the appropriation of government spending for localized projects that are secured solely or primarily to bring money to the district of a representative. The phrase originated in American English and refers to a negotiated form of political particularism.
Pork is typically defined as national funding for government programs whose economic or service benefits are concentrated in a specific area but whose costs are shared by all taxpayers. The most frequently cited examples are public works projects, certain national defense spending projects, and agricultural subsidies.
Therefore, the correct option is C.
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Complete question
In 2005, $320 million of the federal government’s budget was allocated toward building a "bridge to nowhere" in Alaska that connected two small towns. In 2006, $500,000 was allocated toward a teapot museum in North Carolina, $1 million toward a water-free urinal initiative in Michigan, and $4. 5 million toward a museum and park at an abandoned mine in Maine. These projects were requested by specific legislators in order to boost their popularity in their constituencies.
The expenditures is known as:
a. pork belly spending.
B. over the barrel spending
c. pork barrel spending
d. sunk cost
Which quality is a requirement In order for a destination to become a tourism destination area (TDA)?
A. should be accessible by road
B. should be in a developed country
C. should have a unique feature
D. should have a moderate climate
Answers
NEED HELP URGENTLY, WILL GIVE BRAINLIEST
Los Angeles’s population has increased by 800,000 residents. Thirty years ago there was just one Burger King restaurant. Now, there are over 100 fast food restaurants for residents to choose from. How does this impact the supply of Burger Kings’s hamburgers?
A. Supply does not change
B. Increase in supply
C. Decrease in Supply
Answers
Answer:
D
Explanation:
Customers now have more restaurants available to choose from and decreases Burger Kings business
Provide a response to the business scenario below. If a book costs $4.99 and 1,025 books were sold, then it was on sale for $2.99 and 1,892 copies were sold. 1. What is the demand equation q(p) (hint: form 2 points (p, q) first, it's ok to use decimals but don't round too much for accuracy). 2. What is the Revenue equation R(p) (hint: R= p*q)? 3. Find the maximum revenue using 1st or 2nd derivative test (show it). 4. What is the optimal price for the book? What is the amount of books sold? Replies: comment on the solutions (are they correct and use proper notation?) for at least 2 classmates' posts. Also, answer any questions if applicable. Bonus (2 pts): Provide a worked-out example of real-life application finding max/min from section 6.2 (you can use examples from hwk).
Answers
The demand equation q(p) is approximately q(p) = -433.5p + $3195.665. The revenue equation R(p) is approximately \(R(p) = -433.5p^2 + $3195.665p\). The maximum revenue can be determined by finding the critical point of the revenue equation, which is $3.68. The optimal price for the book is $3.68, and the corresponding quantity sold is 1587 books.
To answer the questions, let's first establish the demand equation based on the given information:
1. Demand equation q(p):
Let's form two points using the price (p) and the quantity sold (q) values:
Point 1: (p1, q1) = ($4.99, 1025)
Point 2: (p2, q2) = ($2.99, 1892)
Using these two points, we can calculate the slope of the demand equation:
Slope (m) = (q2 - q1) / (p2 - p1)
= (1892 - 1025) / ($2.99 - $4.99)
= 867 / (-$2.00)
= -433.5
Now, we can use the slope-intercept form to determine the demand equation:
q(p) = m * p + b
Substituting one of the points (e.g., Point 1) and the slope (m) into the equation:
1025 = -433.5 * $4.99 + b
1025 = -$2170.665 + b
b = 1025 + $2170.665
b = $3195.665
Therefore, the demand equation is:
q(p) = -433.5 * p + $3195.665
Revenue equation R(p):
The revenue equation is given by the product of price (p) and quantity sold (q):
R(p) = p * q(p)
= p * (-433.5 * p + $3195.665)
Simplifying the equation:
\(R(p) = -433.5p^2 + $3195.665p\)
Finding the maximum revenue using the 2nd derivative test:
To find the maximum revenue, we need to find the critical points of the revenue equation. We can do this by finding the derivative of R(p) and setting it equal to zero.
R'(p) = -867p + $3195.665
Setting R'(p) equal to zero and solving for p:
-867p + $3195.665 = 0
-867p = -$3195.665
p = -$3195.665 / -867
p ≈ $3.68
Now, let's find the second derivative of R(p) to determine the concavity:
R''(p) = -867
Since the second derivative R''(p) is a constant (-867), we can conclude that the revenue function is concave down. Therefore, the critical point we found is indeed the maximum revenue.
Optimal price and quantity:
The optimal price for the book that maximizes revenue is approximately $3.68. To find the corresponding quantity sold, we can substitute this price into the demand equation:
q(p) = -433.5 * p + $3195.665
q($3.68) = -433.5 * $3.68 + $3195.665
q($3.68) ≈ 1587
Therefore, the optimal price for the book is approximately $3.68, and the corresponding quantity sold is approximately 1587 books.
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What is the function of a ledger?
record only cash payments
record only credit payments
record and consolidate all financial transactions
record only sales
Answers
Answer:
Record and consolidate all financial transactions.
Explanation:
A ledger is a book that contains a record of all the transactions made- be it credit or withdrawals/ expenses. It is a book that maintains a record of any form of transaction that was ever done by a person or company.
It can also be a computer folder where the same record is made. The main point of maintaining a ledger is to keep track of, record, and also "make" solid evidence or proof of the transactions ever done. Thus, the function of a ledger is to record and consolidate all financial transactions ever done.
The Security Classification Guide (SCG) states: The dates of the training exercise are Secret. The new document states: (S) The training exercise runs Monday through Friday and occurs every June based on trainer availability. The only trainer currently certified is running other exercises the first three weeks in June. What concept was used to determine the derivative classification of the new document?
Answers
The concept used to determine the derivative classification of the new document is "need-to-know."
The concept of "need-to-know" is a fundamental principle in information security and classification. It states that individuals should have access to classified information only if they have a legitimate need for that information to perform their duties or responsibilities. In this case, the Security Classification Guide (SCG) has classified the dates of the training exercise as Secret, indicating that access to this specific information is restricted to individuals with a need-to-know. The new document, while providing some information about the training exercise, does not disclose the specific dates, ensuring that the derivative classification aligns with the principle of "need-to-know."
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without government intervention, public goods tend to be
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Megha is a taekwondo expert who starts her own martial arts training academy. She conducts taekwondo classes for women and teaches them the art of self-defense. Megha can be regarded as a(n)
Answers
As Megha, who is a taekwondo expert that starts her own martial arts training academy, also conducts taekwondo classes for women and teaches them the art of self-defense, then, Megha can be regarded as an entrepreneur.
Who is an entrepreneur?This refers to the individual that starts and runs a business with limited resources, planning and responsible for all the risks and rewards of their business venture. Their business idea often entails a new product or service rather than an existing business model.
Because of the features possessed by an entrepreneur, therefore, Megha can be regarded as an entrepreneur because of her taekwando classes.
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FIRST SCENARIO: The economy has taken a turn for the worse. The president believes the government should get the economy moving again. According to the president, the problem is that markets are flawed and they do not protect consumers. Therefore, the government should study the problem, decide what must be produced, and pass laws that require individuals and businesses to follow the government’s informed advice.
Opponents of the president see a different world. They say central planners do not have enough information to organize an economic system. Markets may seem chaotic, but prices act as signals and respond quickly to fragmented information in a dynamic economy. These price signals provide consumers, businesses, and resource owners with the information they need to coordinate action. In addition, incentives matter. Government programs often create incentives that have unintended consequences. The economy will grow if we stay the course.
What would Adam Smith say? Why?
SECOND SCENARIO: The Save Our Jobs Coalition is working to pass a law that would penalize businesses that move jobs overseas. In addition, the law would require tariffs to be imposed on imported goods that are cheaper than similar goods made in the United States. Many corporations and small businesses are in favor of raising tariffs.
Opponents of the proposed law believe freer trade promotes economic progress because it makes more sense to buy goods from a country that makes them less expensively and use the country‟s resources to make other products. A tariff may save jobs in a particular industry, but other jobs will not be created. Furthermore, prohibiting American companies from having operations overseas means the companies will be reluctant to hire people domestically and will lay off highly paid workers in their quest to cut costs.
What would Adam Smith say? Why?
THIRD SCENARIO: Business lobbyists believe the current government is anti-business. They also think competition is making it difficult to make a profit. They believe it’s time for the government to help businesses through subsidies and incentives for consumers to buy their products. They also want the government to suspend antitrust laws and make new rules and regulations that would make it more difficult for small businesses to compete unfairly with large, well-established corporations. According to the lobbyists, helping business will improve everyone’s lives.
What would Adam Smith say? Why?
FOURTH SCENARIO: “Stop Government Now” is a group that believes there is no legitimate role for government except providing for police and fire protection. Members believe almost all governmental functions should be privatized. Markets should not be regulated. Members say markets may be greedy, but free markets make us all more moral.
What would Adam Smith say? Why?
MUST WRITE A PARAGRAPH FOR EACH SCENARIO
Answers
The proposed response of Adam Smith based on each scenario is given below:
Scenario 1He would say that the pricing system should remain the main determinant of the market and the interference of the government was uncalled for.
Scenario 2He would side with the free market system and be an opponent of the law that frowns on importation.
Scenario 3He would support the suspension of the antitrust laws.
Scenario 4He would believe that markets should not be regulated and the free market system should continue.
Who is Adam Smith?He is the father of modern economics for his work in pioneering ideas such as free trade and the gross domestic product
Hence, we can see that the proposed response of Adam Smith based on each scenario is given above.
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why is askom regarded as a monopoly
Answers
Answer:
Because it has no substitute s
If you are interviewed by more than one person, you should send a thank-you note to _____.
each person in the interview
each person you see in the building
the first person you are introduced to
the person who is obviously leading the interview
Answers
Answer:
option A is correct.
i.e.
each person in the interview.
Explanation:
Because thank-you letter provides a simple but effective way to express gratitude to all the individuals you met with.
The three fundamental elements that motivate people to be fair are _____.
Answers
People are often motivated by different factors. The three fundamental elements that motivate people to be fair are equality, reciprocity, and optimization.
What are the motivation strategy?Employee motivation strategies are known to be the various tactics and acts used and also put together to keep employees inspired, engaged, etc., in terms of their responsibilities.
They are known to be the ways of motivating employees and it often varies by workforce, work environments, work cultures, etc.
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between 2000 and 2002, the price of nasdaq stocks rose by nearly 80 percent. True or False.
Answers
The statement "Between 2000 and 2002, the price of NASDAQ stocks rose by nearly 80 percent" is False. In fact, during this time period, the stock prices experienced a significant decline, primarily due to the burst of the dot-com bubble.
The bubble burst in early 2000, causing a sharp decline in stock prices, particularly in the technology sector. As a result, the NASDAQ Composite Index, which is heavily weighted towards technology stocks, experienced a significant drop during this period.
In March 2000, the NASDAQ Composite Index reached its peak at more than 5,000 points. However, by October 2002, the index had plummeted to around 1,100 points, marking a decline of over 75 percent. This severe drop in stock prices led to the collapse of many technology companies and had a lasting impact on the global economy.
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Word of mouth promotion is also known as what?
Answers
Answer:
Word-of-mouth advertising (WOM advertising), also called word of mouth marketing, is the process of actively influencing and encouraging organic word of mouth discussion about a brand, organization, resource, or event.
Explanation:
hope this helps, pls mark brainliest :D
Word-of-mouth advertising is another name for viral marketing.
What is Word-of-mouth promotion?The technique of deliberately influencing and supporting organic word-of-mouth talk about a brand, organization, resource, or event is known as word-of-mouth advertising (WOM advertising), sometimes known as word-of-mouth marketing.
A corporation can reach new audiences and establish a solid brand reputation by using word-of-mouth marketing. Businesses can enhance profitability, draw in new clients, and strengthen their bonds with current consumers by utilizing this distinctive and natural kind of marketing.
The type of rewards utilized has a significant impact on the effectiveness of word-of-mouth marketing. The employment of incorrect incentives to encourage customers or representatives to spread good word of mouth about goods or brands can have negative effects on a business, according to research.
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To ensure that people don’t waste their time trying to reach you, you should:
Answers
Answer:
Keep your IM presence status current.
Explanation:
if you take and hour shower with the hot water how much water will the bill cost Avery day.
Answers
Answer:
$1000000000000000000
Answer:
Assuming that the rates of electricity and water in your area are near the national average, 12 cents per kilowatt-hour and $1.50/1k U.S. gallons, each shower will cost you 25 cents or 51 cents per day for the whole household, according to the shower cost calculator by Omni.
Compare the EOG Resources human assets and intellectual capital Exxon, Chevron and conoco phillips 3a) Are the Company’s human assets and intellectual capital "strong", "moderate", or "weak" (or terms like "moderate and improving" or "strong but declining") compared with the competitors mentioned above , in the industry?
Answers
In comparison to Exxon, Chevron, and ConocoPhillips, the strength of EOG Resources' human assets and intellectual capital can be described as moderate.
EOG Resources has a solid workforce and possesses a reasonable level of intellectual capital. However, when compared to its competitors, it falls slightly behind in terms of the depth and breadth of its human assets and intellectual capital. While EOG Resources has competent employees and valuable knowledge, it may not have the same scale or diversity of expertise as the larger and more established companies like Exxon, Chevron, and ConocoPhillips.
Exxon, Chevron, and ConocoPhillips, on the other hand, possess strong human assets and intellectual capital. These companies have significant resources and expertise, accumulated over years of operations and investments in research and development. They have extensive employee networks, robust intellectual property portfolios, and well-established processes and systems to leverage their knowledge effectively. Their competitive advantage lies in their ability to attract and retain top talent, invest in cutting-edge technologies, and continuously innovate in the industry.
While EOG Resources has made strides in building its human assets and intellectual capital, it may still have room for improvement to reach the level of strength demonstrated by its larger competitors.
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PLEASE HELP
Match each profession with its usual work environment.
1. Solar photovoltaic installer
2. Ironworker
3. Construction manager
4. Cement mason
A.Roof of a building
B.Outdoors at great heights
C.Outdoor job site
D.Field office
Answers
Answer:
1.) Solar photovoltaic installer - a. roof of a building
2.) Ironworker - b. outdoors at great heights
3.) Construction manager - d. field office
4.) Cement Mason - c. outdoor job site
Explanation:
please correct me if I'm wrong
All bonds that will not be held to maturity have interest rate risk which occurs because of the change in the price of the bond as a result of?
Answers
The price of bonds which are not held till maturity usually keep on changing due to change in market interest rate prevailing on securities with comparable interest risk.
Maturity can also affect interest rate risk. The longer the bond's maturity, the greater the risk that the bond's value could be impacted by changing interest rates prior to maturity, which may have a negative effect on the price of the bond.
Investors holding long term bonds are subject to a greater degree of interest rate risk than those holding shorter term bonds. This means that if interest rates change by 1%, long term bonds will see a greater change to their price—rising when rates fall and falling when rates rise.
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In which of the following situations would a data analyst use SQL instead of a spreadsheet? Select all that apply.
When recording queries and
changes throughout a project
When working with a huge amount of data
When quickly pulling information from many different sources in a database
Answers
A data analyst would use SQL instead of a spreadsheet in the following situations:When working with a huge amount of data When quickly pulling information from many different sources in a databaseWhen recording queries and changes throughout a project What is SQL?SQL (Structured Query Language) is a query language that is used to interact with databases. It is used to create, update, manage, and access relational databases. SQL is widely used by data analysts, data scientists, and database administrators in various industries.
A spreadsheet is a software application that is used to store, organize, and analyze data in tabular form. Spreadsheets are commonly used by businesses, financial analysts, and accountants to perform various calculations, such as budgeting, forecasting, and data analysis.In the given options, a data analyst would use SQL instead of a spreadsheet in situations where they are working with a huge amount of data, quickly pulling information from many different sources in a database, and when recording queries and changes throughout a project. Therefore, the correct options are:When working with a huge amount of data When quickly pulling information from many different sources in a database When recording queries and changes throughout a project.
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what are the importance of a scale ?
Answers
Answer:
The importance of scale is given below.
Explanation:
Scale becomes making it more effective also because of the severity of the challenges faced throughout environments including certain reducing inequality, the community, gender inequality as well as infrastructure need on-scale approaches. They are therefore merge-border in natural surroundings and therefore not based exclusively towards one venue.PLZ HELP: FIND THE PROFIT
Fixed costs are £26,000 per year, and variable costs include wages at £10 per
unit, raw materials at £12 per unit and delivery/packaging at £3 per unit. It is expected that a business will make and sell 750 units during the year, with
a selling price of £26.
Answers
Answer:
Net loss -£25,250
Explanation:
The computation of the profit is shown below:
Sales (750 units × £26) £19,500
Less: Variable cost (750 units × £25) £18,750
Contribution margin £750
Less: Fixed cost £26,000
Net loss -£25,250
The £25 could be calculated below:
= £10 + £12 + £3
= £25
Basically applied the above format
What is Bloom’s Taxonomy?
( no c0py from g00+gle)
Answers
Answer:
a set of three hierarchical models used to classify learning objectives into levels of complexity and specificity
Answer:
Bloom's Taxonomy is a Hierarchal Pyramid used to classify the objectives when learning something into: creating, evaluating, analyzing, applying, understanding, and remembering.
Explanation:
Research the options for AP and IB classes in your local school district or state and write a one-page report presenting the following information:
What programs are available that can help you get college credit for your chosen career?
What are the entrance requirements, if any?
How many college credits could you possibly graduate high school with?
What are the benefits of programs such as AP and IB, and how can you prepare yourself in middle school to take these types of classes in the future?
Answers
The programs that available that can help you to get the college credit for the career that you have chosen are:
Advanced placement classesCollege level examinationsThe entrance requirements for this schools would need you to have up to an achievement rating of 4 in some basic subjects.
You could possibly graduate with up to 120 college credits from school.
The benefits of Advanced placements is that they help to prepare students for the college school. They are used to place and grade students as they prepare for college.
What is college credit?When students join in these courses, they study college-level content more rigorously and at a faster speed. They can acquire college credits in return for taking a course like this.
High school pupils need to be aware that there are options like these, with great rewards. Students who know this information can finish their college education before arriving on the campus of their chosen institution or university.
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Answer: (Answers may vary.)
After researching the AP and IB options in my town, I found out that my state doesn’t offer the IB curriculum. I think that the IB program sounds very interesting. I’d like to see a real IB school and learn more about the curriculum, but unfortunately I won’t be able to in my school district. My school district does, however, offer AP classes in high school.
In order to get into the AP program in my school district, I have to be on the AP path. This means that I would take the pre-AP classes in middle school, which will allow me to get farther along in the curriculum, and then I’d take the AP classes starting in my junior year. I also have to get a 3.0 GPA and maintain that GPA through my AP classes while in high school or I may lose my place in the program.
If I get on the right track, I could possibly take up to eight AP classes in my junior year of high school and another eight AP classes in my senior year, which would mean that I could get a lot of college credits! I don’t know if I could realistically do this, however, because the classes are so much more difficult than regular high school classes are. I’d also be very worried about taking all of those AP exams at the same time!
I think I’ll try to take as many AP classes in high school as I possibly can, but only for the core classes, such as English, Science, Math, and History. That way, I can get through college sooner and pay less for my degree. I have to make sure I get good grades in my classes, and I plan to get on the AP track so I can take these classes in the future.
Explanation: Edmentum Answer