Each partner is liable Study guides, Class notes & Summaries

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...

WWU ACCT 240 Midterm 1 fully solved 2023 passedSole Proprietorship - correct answer - Owned by one person only - Owner is personally liable for all the debts - easy to start Partnership - correct answer - Owned by 2 or more people - each partner is personally liable for all debts - more resources - more costly to start, written agreement needed Corporation - correct answer - Separate legal entity - easy to raise money from the public - easy to transfer ownership - Double tax - H...

American Heart Association protocols are based on __________. Select one: A. theories ready for field trial B. trends in the EMS community C. opinions from a core group of cardiologists D. evidence-based research - ANSWER D. evidence-based research As an EMT, you may be authorized to administer aspirin to a patient with chest pain based on: Select one: A. medical director approval. B. the patient's condition. C. an order from a paramedic. D. the transport time to the hospital. - AN...

Which of the following descriptions MOST accurately portrays emergency medical services (EMS)? Select one: A. A team of health care professionals who are responsible for providing emergency care and transportation to the sick and injured B. A system composed exclusively of emergency medical responders (EMRs) and emergency medical technicians (EMTs) who are responsible for providing care to sick and injured patients C. A team of paramedics and emergency physicians who are responsible for prov...

Company Law Questions with Verified Answers Sole Trader Advantages - correct answer -⟨ No filing requirements; fees or professional advice needed for set up ⟨ One person, thus a complex organizational structure is not needed. Sole Trader Disadvantages - correct answer -⟨ Not a particularly useful business form for raising capital (finding investors) -money is usually from bank loans or savings ⟨ Unlimited liability: if business fails creditors can come after your personal asset...

When a business is purchased by a new owner, what happens in regards to the "EIN"? correct answers A new EIN is required A clause that means that a subcontractor is bound by the same obligations as are required of the general contractor is called: correct answers Flow-down clause What are the three key functions on a business plan? correct answers Planning Tool, Loan or Investor Document, Benchmarking tool A contractor's Business Plan does NOT include? correct answers Contract Docume...

NJ Life Producer Exam Correct answers latest update Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer that...

Mie 201 Exam 2 Questions and Answers Already Passed Advantages of operating a Sole Proprietorship? simplicity (easy to establish and less paperwork-only requirement is business licenses and permit) single layer of taxation!!! privacy (not required to report anything to anyone) flexibility and control fewer limitations on personal income Personal satisfaction (take your own risks and enjoy the reward) Disadvantages of sole proprietorship financial liability (unlimited liabi...

CANNON 1 - GENERAL OBLIGATIONS: MAINTAIN & ADVANCE THEIR KNOWLEDGE OF THE ART & SCIENCE OF ARCHITECTURE, CONTRIBUTE TO ITS GROWTH, EXERCISE LEARNED AND COMPROMISED PROFESSIONAL JUDGEMENT. CANNON II - OBLIGATIONS TO THE PUBLIC: SERVE THE PUBLIC INTEREST IN THEIR PROFESSIONAL AND PERSONAL ACTIVITIES CANNON III - OBLIGATIONS TO THE CLIENT: SERVE CLIENTS COMPETENTLY AND IN A PROFESSIONAL MANNER. CANNON IV - OBLIGATIONS TO THE PROFESSION: UPHOLD THE INTEGRITY AND DIGNITY OF THE PROFESSION. C...

Debbie is a limited partner in ADK Partnership. Her partnership Schedule K-1 reports $19,000 ordinary business income, $2,000 long-term capital gain, and $830 dividend income. Which of these items are subject to self-employment tax? None of the items are subject to SE tax because Debbie is a limited partner. $19,000 ordinary business income $19,000 ordinary business income and $2,000 long-term capital gain All income reported on a partner's Schedule K-1 are subject to self-employmen...