Score 8/9 on first attempt. Thanks for these questions. They were very helpful indeed. But I wonder why in question 8 a LLP should have at least two members. This was not mentioned in the lecture notes nor the video lecture on Chapter 9 Partnership. Furthermore, the quiz result is not printable, why?
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biggles·
How can you have a partnership with only one partner? Can you marry yourself? Can you have a party on your own? Who would you dance with? A mirror?
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Ram·
Hi , Sir.
In Q.no. 5 , why option 2 is correct? ( isn't it is similar to the division of profit as present in notes for creating partnership?)
And also ,
In Q.no. 6, I think there should be multiple correct answer i.e. insanity of a partner also.
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biggles·
Q5 - I believe the lecture is correct. The sharing of gross returns is NOT the same as sharing profits
And Q6, insanity is a matter of opinion, not a matter of fact. Soinsanity isn't an automatic groung for dissolution
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Ayesha·
Hello John,
In Q1/2 why there is 'no extent of liability?
Would it not be to the amount of capital injected or net assets?
Thanks
Ayesha
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bdk21·
Hi. Please explain why the answer to the last question is: there shall be at least one member with unlimited liability. I thought that was LP and not LLP
??
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bdk21·
Sorry I meant why is not the correct answer??
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MikeLittleTutor·
Thanks for pointing this out - I shall get it corrected.
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MikeLittleTutor·
Hi - the answer given is incorrect - I'll get it changed
The correct answer should be "relationship, subsists"
Thanks for pointing this out
V
Vicki·
Just wanted to clarify - In the lecture it says a partnership is "a relationship that subsists.....", but in the questions the correct answer is "situation that subsists". Which is the right answer?
In Q.no. 5 , why option 2 is correct? ( isn't it is similar to the division of profit as present in notes for creating partnership?)
And also ,
In Q.no. 6, I think there should be multiple correct answer i.e. insanity of a partner also.
And Q6, insanity is a matter of opinion, not a matter of fact. Soinsanity isn't an automatic groung for dissolution
In Q1/2 why there is 'no extent of liability?
Would it not be to the amount of capital injected or net assets?
Thanks
Ayesha
??
The correct answer should be "relationship, subsists"
Thanks for pointing this out
Thanks,
Vicki