Asked by Tommy Clobes on Jul 04, 2024
Verified
Mr.Olive and Mrs.Pickle enter into a partnership to provide IT consulting services.The name of the business is IT Doctor.From the partnership account,Mr.Olive purchases a laptop and a tablet for the business's use.Who owns the laptop and tablet?
A) Mr.Olive
B) Mrs.Pickle
C) The business IT Doctor
D) The government
Partnership Account
A financial account held in the name of a partnership for the purpose of managing the partnership's funds.
Partnership
A business entity created when two or more persons collaborate to operate a business and share its profits, losses, and responsibilities.
- Grasp the concept of partnership property and its ownership.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
C
Explanation :
The presumption is very strong that property purchased with partnership funds and used in the partnership belongs to the partnership.
Learning Objectives
- Grasp the concept of partnership property and its ownership.
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