C6) Types of Trade

Question 1

The admittance of new partners in a partnership requires unanimous consent of all existing partners. True or False

Answer 1

True

Question 2

If a contract is entered into before a partner joins a partnership are they liable for it ?

Answer 2

No as the contract was entered into before he became a partner

Question 3

In a LLP who pays the tax on the profits or is it corporation tax that has to be paid?

Answer 3

A LLP does not pay corporation tax

Question 4

If a partnership becomes an LLP what has to happen to the name

Answer 4

The name can stay the same but LLP needs to be added to the end of it

Question 5

Does an LLP need to have a formal partnership agreement. Yes or No

Answer 5

No but an LLP will normally have one but it is not essential

Question 6

Does a LLP need to submit a conformation statement. YES or No

Answer 6

Yes

Question 7

When a partnership is formed what does it have to have as a target?

Answer 7

a partnership must trade with the intention to make a profit.

Question 8

When are partnership agreement wants to be changed who needs to agree to it?

Answer 8

All of the partners