...General Partnership Agreement of a Business Owned by Individuals ARTICLES OF PARTNERSHIP OF ^ABCD ASSOCIATES ARTICLES OF PARTNERSHIP of ^, ^, ^, and ^, dated ^, 19^. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and selling real property, including but not limited to that certain parcel of land described on Exhibit A hereto and all improvements constructed thereon and (b) in order to provide for and carry out the foregoing, to form and do business as a general partnership under and pursuant to Illinois law. NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties agree as follows: Definitions As used in this Agreement the terms listed below will have the meanings stated below, and other terms defined elsewhere will have the meanings there ascribed to them: "Agreement" or "this Agreement": these Articles of Partnership. "Bankruptcy": with respect to any Person, shall mean that such Person shall have become insolvent or generally failed to pay, or admitted in writing his or its inability to pay, debts as they become due; or shall have applied for, consented to, or acquiesced in the appointment of, a trustee, receiver or other custodian for such Person or any property of such Person, or such Person makes a general assignment for the benefit of creditors; or, in the absence of such application, consent...
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...ARTICLES OF PARTNERSHIP OF LEGACY ASSOCIATES KNOW ALL MEN BY THESE PRESENTS: That, we the undersigned, all of legal age and residents of the Republic of the Philippines have agreed to amend a general partnership under the terms and conditions herein after set forth and subject to the provisions of existing laws of the Republic of the Philippines. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and selling real property, (b) in order to provide for and carry out the foregoing, to form and do business as a general partnership under and pursuant to Philippine law. NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties agree as follows: Definitions As used in this Agreement the terms listed below will have the meanings stated below, and other terms defined elsewhere will have the meanings there ascribed to them: "Agreement" or "this Agreement": these Articles of Partnership. "Bankruptcy": with respect to any Person, shall mean that such Person shall have become insolvent or generally failed to pay, or admitted in writing his or its inability to pay, debts as they become due; or shall have applied for, consented to, or acquiesced in the appointment of, a trustee, receiver or other custodian for such Person or any property of such Person, or such Person makes a general assignment for the benefit of...
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...[pic] Accounting and MIS 626: Tax Accounting I Course Syllabus - Autumn 2010 Tues/Thurs 7:30 -9:18 am – Schoenbaum Hall 205 Instructor: Stephanie L. Brewer, CPA, CVA Office: 434 Fisher Hall Phone: 614-292-3903 (office) E-mail: brewer.205@osu.edu (preferred method of contact) Office Hours: Tues. 1:45-3:15 pm; Weds. 3:45 – 5:15 pm / Mondays & Thursdays by appointment Course Materials: Required - Smith, Raabe, Maloney, 2011 ed. South-Western Federal Taxation: Taxation of Business Entities, ISBN 0-538-78621-3 Recommended - Smith, Raabe, Maloney, Study Guide, South-Western Federal Taxation 2011: Taxation of Business Entities, ISBN 0-538-47063-1 Course Description: This course covers the fundamentals of federal income tax and how it influences taxpayer decisions. Emphasis is on individuals and businesses organized as proprietorships, but the rules generally applicable to all taxpayers are covered. Prerequisite: AMIS 521 or equivalent. Course Objectives: This course is designed to acquaint the student with the workings and concepts of the federal tax law, especially as it pertains to individuals and business entities and to introduce the student to the workings of the U.S. tax system. Emphasis will be on learning the concepts underlying the tax law, using the current tax formula and its elements, applying tax law to decision models and incorporating tax planning principles into decision-making opportunities. Students are assumed to...
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...ACCT553 Week 4 Homework ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬_________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 14 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) Double taxation is tax on income of a business entity and second tax on distributions made to owners. The classic example is dividends paid to an owner from a corporation. 2. What types of taxpayers are considered "with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) The eligible" taxpayers are the individuals or partnerships who are the original owners of shares in electing domestic small business corporation. The stock must be issued for property, common or preferred, domestically chartered and otherwise meet the tests to qualify as 1244 stock. 3. Please describe how the treatment of capital gains (losses) differs for a C Corporation as compared to an Individual. ( 5 pts.) Individuals net their capital gains and losses together, and the result is reported on an individual form 1040. Net long term capital gains are taxed at rates currently discounted to ordinary rates. Capital losses can be deducted up to $3,000 per year against ordinary income, with carrybacks and carry forwards available for those losses. C corporations may net capital losses against capital gains only, and pay tax...
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...ACCT553 Week 4 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 14 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) Corporations other than S Corps are considered double taxed. The corp is taxed on income and then if the earnings are paid out to shareholders that money is taxable income to the shareholder. If any of it was deductible then perhaps it wouldn’t be double taxation but this is not the case. However, for taxpayers in the 10% tax bracket they are not taxed on the dividend income. 2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) A taxpayer is considered eligible if; the individual sustaining the loss who was issued stock by a small business or corp and, An individual who is a partner in a partnership at the exact time that the stock was acquired from the issuance of a small business. The stock must have been continually held from date of issuance in order to claim a deduction under section 1244. A corporation, any trust or estate is not entitled to such deductions. 3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.) Professor, A main difference is that...
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...MGT.400.3 Mar. 11, 2013 Chapter 5 Homework You Be the Consultant 1. Which form(s) of ownership would you recommend to the Kinseys? Explain. Due to the Kinsey's desire to minimize their exposure to potential legal and financial problems, their choice of ownership should be a corporation. 3. What factors should the Kinseys consider as they try to choose the form of ownership that is best for them? Students should list and briefly discuss the factors that every entrepreneur should consider prior to making a final decision on the form of ownership like: taxes, liability, capital, business goals, management succession and so on. Discussion Questions 1. What factors should an entrepreneur consider before choosing a form of ownership? Factors to be considered before choosing a form of ownership include: * Tax considerations – calculate the firm's tax bill under each form of ownership. * Liability exposure - how much personal liability is involved in the ownership form? * Start-up capital required - how much capital does the entrepreneur have and how much will he need? * Control - how much control is involved for each type of business organization? How much is the entrepreneur willing to give up? * Business goals - how large and profitable does the entrepreneur expect the business to be? * Management succession plans - consider smooth transition when passing company to the next generation of buyers. * Cost of...
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...Session 1 Homework Solutions 1.1 Capital: What are the two basic sources of funds for all businesses? Solution: The two basic sources of funds for all businesses are debt and equity. 1.2 Management role: What is working capital management? Solution: It is the management of current assets, such as inventory, and current liabilities, such as money owed to suppliers. 1.8 Organizational form: What are the three forms of business organization discussed in this chapter? Solution: The three forms of business organization we discussed are sole proprietorship, partnership, and corporation. 1.12 Organizational form: Explain what is meant by stockholders’ limited liability. Solution: Limited Liability for a stockholder means that the stockholder’s legal liability extends only to the capital contributed or the amount invested. 1.13 Organizational form: What is double taxation? Solution: The owners of a corporation are subject to double taxation—first at the corporate level and then again at a personal level when they are given dividends. 1.22 Agency conflicts: What are some of the regulations pertaining to boards of directors that were put in place to reduce agency conflicts? Solution: Some of the regulations include: a. The majority of board members must be outsiders. b. A separation of the CEO and chairman of the board positions is...
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...number of individuals in the business, type of business, profitability of the business and insurance. In this paper I will explain the legal forms of business, sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. I will develop a scenario explaining each form of business and why it was chosen. Sole Proprietorship “A sole proprietorship is the simplest form of business organization. The owner of the business, the sole proprietor, is the business” (Cheeseman, 2010, Business Ethics and International Issues, pg. 530). For example, an individual who makes and sells jewelry for a profit would benefit from being a sole proprietorship. It is the easiest business to form, does not cost a lot, and must be registered with the Secretary of State. The sole proprietor would own all the business, have the right to all the profits, and will not pay taxes on the business because sole proprietorships are not separate legal entities. A sole proprietor is responsible for all the liability of the business the actions of their employees. They can sell the business at any time. Partnership A partnership is a form of business involving two or more persons for profit. A nightclub would be a good business for a partnership. The partners own the assets of the business and responsible for the liabilities, revenues, and...
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...University of Houston Department of Accountancy & Taxation ACCOUNTING 4330/5330/7330 ADVANCED ACCOUNTING Fall 2012 Instructor: Dr. George O. Gamble Office: 370 G Melcher Hall Office Hours: M 1:00-2:00; T&TH 4:30- 5:30 and by appointment COURSE PREREQUISITES You must have junior standing and have passed ACCT 3368 with a minimum grade of C to be enrolled in this class. In addition, you are expected to have a working knowledge of computer spreadsheets, such as Lotus or Excel, as taught in DISC 2373. REQUIRED TEXTS Advanced Accounting, 5th Edition, by Debra C. Jeter and Paul K. Chaney, John Wiley & Sons, Inc., 2012. Intermediate Accounting any current text. Green Scantrons to be used for taking examinations. OPTIONAL TEXTS Objective Questions and Explanations. Gleim and Collins, Gleim Publications, Inc., Most Recent Edition. (This text will also be beneficial for preparing for the CPA examination.) COURSE REQUIREMENTS: Exercises and problems assigned for each chapter are recommended for you to do on your own. Additional problems will be done in class to illustrate the concepts. The first two exams are cumulative due to the nature of the material covered and the content of the course and thus will count 50% of your grade, and a third (final comprehensive) exam will count 35%. Special assignments, including the FARS project, will count 15%. Exam coverage is as follows: Exam 1 Chapters 1-5 Exam 2 Chapters 6,7,8, 9...
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...Department of Accountancy Accounting 351 Federal Tax II Fall 2014 Instructor: Simon R. Pearlman Phone: (562) 985-4578 E-Mail: sy.pearlman@csulb.edu Office: CBA 400 Office Hours: Mondays and Wednesdays - 2:00 p. m. – 3:00 p.m. / Wednesdays 5:00 p.m. 6:00 p.m. Others by appointment Text: Smith, Raabe, Maloney, Taxation of Business Entities, South-Western, 2015 edition Class Times: 12:00 p.m.-- 1:50 p.m.-Mondays and Wednesdays (CBA 237A); Section 4 3:00 p.m. – 4:50 p.m. – Mondays and Wednesdays (CBA 227); Section 1 6:00 p.m. – 9:50 p.m. – Wednesdays (CBA 235); Section 3 Objectives: To gain an understanding of the federal income tax laws as they apply to corporations, partnerships, and other business entities. Grading: There will be two mid-term exams, a comprehensive final exam, tax returns, one computer research project and discussion problem assigned. The mid-term exams and the final will carry a value of one point per question, the discussion question (20 points), the tax return (10 points), computer research project(10 points) and classroom participation and homework will carry a total value of 10 points. For extra credit (10 points), a student can present a Wall Street Journal tax article to the class on a timely basis. Based upon the ratio of total points accumulated by each student to the maximum total points possible, plus classroom participation, final grades will be determined as follows: ...
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...8:30 – 9:50 a.m. Tu/Th 10:20 – 11:40 a.m. Tu/Th 12:40 – 2:00 p.m. Location 139 Akers Hall 139 Akers Hall 139 Akers Hall Required Course Materials Required: Raabe et al., South-Western Federal Taxation: Essentials of Federal Taxation: Individuals and Business Entities, 2016 Edition ISBN 978-1-305-39530-5. The textbook is available in hardcover, loose leaf, and eBook formats. You should not use an older edition because of the extensive changes between editions. Optional: CengageNOW access Required: Additional readings posted on the course D2L website Required: Calculator (non-programmable) The text and CengageNOW access may be purchased together at a reduced price through the following website: www.cengagebrain.com/course/1-1YA8S9K 1 Course Overview and Objectives This course provides a comprehensive introduction to the U.S. federal income tax system, with an emphasis on the taxation of business entities. During the course, students will: Gain an understanding of the theory and “language” of taxation. Establish a broad understanding of the tax policy framework from which we can make informed decisions as voters. Identify tax policy issues suggested by or underlying particular provisions of the tax law. Analyze how taxation...
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...It is a 3.5-hour exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers. The Final Exam is cumulative. It covers all of the readings, lectures, threaded discussions, and homework assignments from Weeks 1-7. However, most of your preparation should focus on the following: 1. The assigned problems for Weeks 1-7 2. The threaded discussions from Weeks 1-7 3. Quizzes 1 and 2 4. The concepts that you learned in the You Decide Projects 1 and 2 Also, make sure that you review the following concepts and examples: TCO A: Demonstrate familiarity with the basic fundamentals and forms of taxation and the underlying policy considerations that drive the imposition of income and other taxes. 1. Schedule A tax deductions 2. U.S. Tax Court 3. U.S. District Court 4. Tax evasion TCO B: Illustrate the impact of taxation as a transaction cost, understand the importance and methods of research and planning to minimize tax liability, and describe the framework for tax compliance. 1. Taxation of corporations--Review Problem 14-5. 2. Schedule A charitable contributions and limitations 3. Forgiveness of debt-taxable and nontaxable TCO C: Understand and apply concepts and principles that measure taxable income derived from business activities; including choice of entity, methods of accounting for business income, issues...
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...exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers. The Final Exam is cumulative. It covers all of the readings, lectures, threaded discussions, and homework assignments from Weeks 1 – 7. However, most of your preparation should focus on the following: 1. The assigned problems for Weeks 1 – 7; 2. The threaded discussions from Weeks 1 – 7; 3. Quizzes 1 and 2; and 4. The concepts that you learned in the You Decide Projects 1 and 2. Also, make sure that you review the following concepts and examples. TCO A: Demonstrate familiarity with the basic fundamentals and forms of taxation and the underlying policy considerations that drive the imposition of income and other taxes. 1. Schedule A Tax Deductions 2. U.S. Tax Court 3. U.S. District Court 4. Tax Evasion TCO B: Illustrate the impact of taxation as a transaction cost, understand the importance and methods of research and planning to minimize tax liability, and describe the framework for tax compliance. 1. Taxation of Corporations--review Problems 14-52 2. Schedule A Charitable Contributions and Limitations 3. Forgiveness of Debt-Taxable and Nontaxable TCO C: Understand and apply concepts and principles that measure taxable income derived from business activities; including choice of entity, methods of accounting...
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...Homework One 1.3 The role of finance in a healthcare industry is to use the most rational decisions and theories to manage and fund the business. The role of finance always increases because business's are always looking for the better business practices . 1.4 A. Home health services are medical services rendered in the patients home by medical providers. Outpatient hospital services are medical services provided in a medical facility and the patients is released to go home after rendering services. Inpatient hospital services are medical services provided in a medical facility and the patient has an extended stay . Long -term care health services are medical services provided for residents of a medical facility such as a nursing home. Ambulatory services are medical render from physicians and medical specialists of a group of independent practice . B. The benefit of integrated healthcare services is patient's having access to a variety of medical services under one entity . 2.1 Sole Proprietorships One person owning and operating a business (Advantages: ease of start/ending business, own boss, less regulation / Disadvantages: unlimited liability, limited financial resources) Partnerships Legal business with two or more parties (Advantages: financial resources, shared risks, no special taxes / Disadvantages: unlimited liability, profits shared, disagreements)Corporations Legal entity with authority to act/have liability...
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...Note to FI 515 Exam 1 |Access dates: | |7/24/2011 12:00:00 AM to 7/31/2011 11:59:59 PM | | | |Can be reviewed in Gradebook on: | |8/2/2011 11:59:59 PM | | | |Number of times can be taken: | |1 | | | |Time allowed to complete: | |2h, ...
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