[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

[Future Ninja]

#4. Leslie, Kelly, and Blair wanted to form a business. Which of the following business entities does not require the filing of organization documents with the state?

A. Limited partnership.
B. Joint venture.
C. Limited liability company.
D. Subchapter S corporation.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@CPA2B_NJ – need help to my posted questions please. ^_^. I think you should re-do all wrong and troubled questions.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

#5. General partners have a fiduciary relationship with each other. Accordingly, a general partner

A. May engage in a business that competes with the partnership if it is operated with his or her own resources.
B. May take advantage of a business opportunity within the scope of the partnership enterprise if the partnership agreement will terminate before the benefit will be received.
C. Must exercise a degree of care and skill as a professional.
D. May not earn a secret profit in dealings with the partnership or partners

WHY NOT C?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Alright, I am missing something with regard to UCC vs Common Law

Common Law has the mirror image rule, but under UCC, there can be minor differences

BUT the UCC has the Perfect Tender Rule

what am i missing, can there be minor differences in the contract or does it have to be the same?

[Future Ninja]

#6. Under the Revised Uniform Partnership Act, which of the following have the right to inspect partnership books and records?

A. Employees.
B. Former partners.
C. Inactive partners.
D. Transferees of partners’ interests.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@chickman1313 – Im confused too. can you give us the mcq related to that?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

break time.

https://www.youtube.com/watch?v=eB6mfr1Cbxs

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

Attachments:

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[Future Ninja]

True or False?

general partnership – if without agreement in P/L = divided equally
limited liability partnership – if without agreement in P/L – base on FV of contributions.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

true or false?

A partner is entitled to interest on capital contributions only after the date they are required to be returned.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

did you know that:

The reason that a limited partner may own an interest in competing partnerships or compete in other ways is that (s)he does not engage in the management of the partnership.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

#7. In the absence of a member agreement, how are profits and losses shared by members of an LLC formed under the Uniform Limited Liability Company Act (ULLCA)?

A. In proportion to their capital contributions.
B. Equally.
C. In proportion to their voting power.
D. In proportion to their partnership interests.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Min]

For filing dates, are we suppose to use 3/15 still for C Corps and 4/15 for partnerships?

Or the new 4/15 for Corp and 3/15 for partnerships.

[Min]

[garyL]

3/15 for c corps and 4/15 for partnerships (assuming they are using a calendar year)

REG Scheduled for 2/24/2016

[nib]

@ future
ans equally

[Author]

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