Comment

Comment by Alicia B. on April 3, 2013 at 8:11am

From the information that I'm finding, it appears that whether the name has to be changed is dependent upon the partnership agreement.  If the agreement doesn't specify that the name cannot be used when a partner dies or leaves, the remaining partners don't have to change it.  

Comment by Mary Soriano on April 2, 2013 at 2:36pm

Hello Everyone! I need some clarification on General Partnerships.  I am studying Becker R-8.  My confusion is with dissolutions, it's stated that dissolutions can be done without unanimous consent of the partners.  Does this mean that if 1 partner decides to leave the remaining partners can't continue to operate the same business with the same name?

Comment by Blessed Bless on March 29, 2013 at 9:45am

@Alicia B...I was working on the simulations. My depreciation amount was incorrect  cos i got most of the conventions wrong. It created a panic in my world. I have full understanding now. 

Comment by Alicia B. on March 29, 2013 at 9:17am

@Blessed Bless.  Becker has a good simulation for chapter 3 that will help clarify it as well.  Simulation 1 #4.

Comment by Blessed Bless on March 28, 2013 at 8:03pm

@ trinicpa... Thanks for bailing me out

Comment by trinicpa on March 28, 2013 at 6:22pm

@ Blessed Bless it is in relation to the total amount of assets purchased during the  year.  I'm glad this helped.  Good Luck!

Comment by Blessed Bless on March 28, 2013 at 6:10pm

@trinicpa....the 40% or more, is it in relation with the total assets that were purchased fro the whole year? Thanks  a lot. it helped, i guess this is the question that will set me free.

Comment by trinicpa on March 28, 2013 at 5:48pm

@ Blessed Bless...this can be quite confusing but this is how I remember it:

Mid Month (Real Estate only) - Think about the proration of a lease if you start in the middle of the month.

Mid Quarter (Personal Property - Machine & Equip) - If 40% or more of the equipment is purchased in the last quarter of the year.  E.g. Company trying to ramp up on equipment purchases in Q4 to have less taxable income.

Half Year (Personal Property) - purchases or sales during the taxable year are treated as though they were purchased or disposed of at the midpoint of the year.

Hope this helps :)

Comment by Blessed Bless on March 28, 2013 at 5:17pm

Please, I need serious help with the MARCS Convention. I don't understand what makes a purchase or sale a half year, mid quarter and the mid month convention. I need someone to bail me out

Comment by trinicpa on March 26, 2013 at 6:52pm

@ Alicia, I plan on studying 20 hours during the week and at least 8 hours over the weekend.  I plan on getting through half of business law this week and the other half next week and use the final week to review with lots of practice on multiple choice & simulations

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