Daniel is a general partner in a real estate investment firm. Hank and Barry are limited partners. Daniel, without the consent or ratification of Hank and Barry, can:
a. admit another limited partner.
b. act as an agent of the partnership.
c. rename the partnership using Hank's last name.
d. not have almost exclusive managerial control of the business.
b
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A firm is considering purchasing two assets. Asset L will have a useful life of 20 years and cost $5 million; it will have installation costs of $1 million but no salvage or residual value
Asset S will have a useful life of 8 years and cost $2 million; it will have installation costs of $500,000 and a salvage or residual value of $400,000. Which asset will have a greater annual straight-line depreciation? A) Asset L has $12,500 more in depreciation per year. B) Asset L has $37,500 more in depreciation per year. C) Asset S has $12,500 more in depreciation per year. D) Asset S has $37,500 more in depreciation per year.
Regarding a flexible spending account, which of the following is not true?
A) You may put a predetermined amount of your pre-tax salary in the account monthly. B) The money may be used throughout the year to pay medical or dental expenses tax-free. C) If you don't use the funds during the year, you lose them. D) Your employer will match your funds dollar-for-dollar.