Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Partner
General Partner
Partnership Interest
Limited Partnership
At-Risk Amount
Canadian Partnership
Limited Partnership Loss
Limited Liability Partnership
Responses:
A partnership, all of the members of which are legislatively specified professionals. The members of such partnerships are relieved of any personal liability arising from the wrongful or negligent action of their professional partners, as well as employees, agents, or representatives of the partnership who are conducting partnership business.
A person who is a member of a partnership.
A partnership, all of the members of which are residents of Canada at the time the term is relevant.
A partner whose personal liability for the debts and obligations of the partnership is not limited.
A partnership that carries on all of its business only in Canada.
A non-depreciable capital property that reflects the partner's original cost, adjusted for earnings, withdrawals, and other factors.
An arrangement in which two or more persons work together in a limited and defined business undertaking, which does not constitute a partnership, a trust, or a corporation, the expenses and revenues of which will be distributed in mutually agreed portions.
A partner whose liabilities for partnership debts is limited to the amount of his contribution to the partnership, and who is not permitted to participate in the management of the partnership.
The amount a limited partner has invested in the partnership and could potentially lose to creditors.
A defined measure that limits the amount of deductions that can be flowed through to a limited partner.
The excess of all losses allocated to a limited partner (other than farming or capital losses.over his capital contribution.
Two or more persons who combine forces to carry on a business together for the purpose of making a profit by contributing their skills, knowledge, labour, experience, time, or capital.
A partnership composed of at least one general partner and at least one limited partner.
None of the definitions apply. (This answer can be used more than once.)
The excess of losses allocated to a limited partner (other than farming or capital losses), over his at-risk amount.
Correct Answer:
Premises:
Responses:
A partnership, all of the members of which are legislatively specified professionals. The members of such partnerships are relieved of any personal liability arising from the wrongful or negligent action of their professional partners, as well as employees, agents, or representatives of the partnership who are conducting partnership business.
A person who is a member of a partnership.
A partnership, all of the members of which are residents of Canada at the time the term is relevant.
A partner whose personal liability for the debts and obligations of the partnership is not limited.
A partnership that carries on all of its business only in Canada.
A non-depreciable capital property that reflects the partner's original cost, adjusted for earnings, withdrawals, and other factors.
An arrangement in which two or more persons work together in a limited and defined business undertaking, which does not constitute a partnership, a trust, or a corporation, the expenses and revenues of which will be distributed in mutually agreed portions.
A partner whose liabilities for partnership debts is limited to the amount of his contribution to the partnership, and who is not permitted to participate in the management of the partnership.
The amount a limited partner has invested in the partnership and could potentially lose to creditors.
A defined measure that limits the amount of deductions that can be flowed through to a limited partner.
The excess of all losses allocated to a limited partner (other than farming or capital losses.over his capital contribution.
Two or more persons who combine forces to carry on a business together for the purpose of making a profit by contributing their skills, knowledge, labour, experience, time, or capital.
A partnership composed of at least one general partner and at least one limited partner.
None of the definitions apply. (This answer can be used more than once.)
The excess of losses allocated to a limited partner (other than farming or capital losses), over his at-risk amount.
Premises:
A partnership, all of the members of which are legislatively specified professionals. The members of such partnerships are relieved of any personal liability arising from the wrongful or negligent action of their professional partners, as well as employees, agents, or representatives of the partnership who are conducting partnership business.
A person who is a member of a partnership.
A partnership, all of the members of which are residents of Canada at the time the term is relevant.
A partner whose personal liability for the debts and obligations of the partnership is not limited.
A partnership that carries on all of its business only in Canada.
A non-depreciable capital property that reflects the partner's original cost, adjusted for earnings, withdrawals, and other factors.
An arrangement in which two or more persons work together in a limited and defined business undertaking, which does not constitute a partnership, a trust, or a corporation, the expenses and revenues of which will be distributed in mutually agreed portions.
A partner whose liabilities for partnership debts is limited to the amount of his contribution to the partnership, and who is not permitted to participate in the management of the partnership.
The amount a limited partner has invested in the partnership and could potentially lose to creditors.
A defined measure that limits the amount of deductions that can be flowed through to a limited partner.
The excess of all losses allocated to a limited partner (other than farming or capital losses.over his capital contribution.
Two or more persons who combine forces to carry on a business together for the purpose of making a profit by contributing their skills, knowledge, labour, experience, time, or capital.
A partnership composed of at least one general partner and at least one limited partner.
None of the definitions apply. (This answer can be used more than once.)
The excess of losses allocated to a limited partner (other than farming or capital losses), over his at-risk amount.
Responses:
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