Matching Questions 83. Match each of the following terms with the appropriate definitions. 1. A partnership that protects innocent partners from malpractice or negligence claims resulting from...

1. A partnership that protects innocent partners from malpractice or negligence claims resulting from the acts of another partner

Statement of changes in partner's equity

2. A corporation that meets special tax qualifications so as to be treated like a partnership for income tax purposes

Limited partnership

3. A partnership that has two classes of partners, limited partners and general partners. Limited partners have no personal liability beyond the amount they invest in the partnership and have no active role except as specified in the partnership agreement

Limited liability partnership

4. The legal relationship among partners whereby each partner can commit or bind the partnership to any contract within the scope of the partnership's business

Unlimited liability of partners

5. The legal relationship among general partners that makes each of them responsible for paying the debts of the partnership if the other partners are unable to pay their shares

Partnership contract

6. A financial statement that shows total capital balances at the beginning of the period, any additional investment by partners, the income or loss of the period, the partners' withdrawals and the ending capital balances

Partnership

7. The agreement between partners that sets terms under which the affairs of the partnership are conducted

General partner

8. A partner who assumes unlimited liability for the debts of the partnership

Mutual agency

9. An unincorporated association of two or more persons to pursue a business for profit as co-owners

C Corporation

10. A corporation that does not qualify for and elect to be treated like a partnership for income tax purposes and therefore is subject to income taxes

S Corporation