Question

#1. Which statement below is correct if a new partner receives a bonus upon contributing assets into the partnership?

A = the amount of tangible assets contributed by the new partner into the partnership

B= the amount of capital credited to the new partner

C= total capital of the partnership before the admission of a new partner

D= total capital of the partnership after the admission of a new partner

Group of answer choices

1. B > A and D = C + A

2. B < A and D = C + A

3. B + A and D > C + A

4. B < A and D = C - A

#2 Which of the following statements best describes partnerships?

Group of answer choices

1. In an LLP, there must be at least one general partner that is personally liable for the obligations of the partnership and has management responsibilities.

2. The identifier LP or LLP need not be included in the name or identification of a limited partnership.

3. There are no general or limited partners in a LP; each partner has the rights and duties of a general partner, but limited legal liability.

4. General partners in LLLP have no personal liability for partnership obligations.

Answer 1

1)	Option 1 is Correct
	B > A and D = C + A
	Partner Will Receive Bonus when he contributes Less by way of Tnagible Assets and More Amount credited to the patrner by way of capital
	Ie: B should be grater Than A
2)	Statement 4 Best Describes Partnership
	General partners in LLLP have no personal liability for partnership obligations.
	Limited liability partnerships are different from limited partnerships , which may allow all LLP partners to have limited liability, while a limited partnership require at least one unlimited partner
	from the Above statement we can conclude that 1,2, and 3 are wrong and 4 Describes Best Partnership