Strands #301 “Festival Of Lights...
Quizzes & Puzzles3 mins ago
Parterships
If two people are in partnership and decide to go their separate ways what would happen to the assets and liabilities? Just say person A has invested 20k, person B has invested nothing (but has some of the necessary skills) - assets are some stock, a van and a rented premises and there are no debts - who gets what?
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As others have said, the chances of a UK citizen with no criminal record being able to work legally in the countries you mention (especially the US) are next to nil. And for someone with your criminal record they ARE nil. As the US immigration system has no concept of rehabilitation this means that, unless this policy ever changes, you will NEVER EVER be able to work there. Not even through marriage to a US citizen:
http://www.cundyandma...-through-marriage.php
It is a similar situation in Canada and in Australia.
http://www.cundyandma...-through-marriage.php
It is a similar situation in Canada and in Australia.
The question doesn't make an awful lot of sense presuming that the partnership has had accounts made up each year (or if it's shorter than a year, it's getting accounts done for the period).
All partners have a capital account which will have in it any monies they invested in the business, add any profits it made, less any losses it made, less any drawings they took. The net bottom line is what each partner is due (unless they agreed something different). If person A invested £20k and person B nothing at all then Person A's capital account is £20k and person B's in Nil. The assets of the partnership will be sold off presumably and applied to the capital position. Profits or losses would be presumed to be 50/50 in the absence of any agreement, written or implicit, to the contrary.
Can't help but feel this is being made out to be far more difficult than it actually is?
All partners have a capital account which will have in it any monies they invested in the business, add any profits it made, less any losses it made, less any drawings they took. The net bottom line is what each partner is due (unless they agreed something different). If person A invested £20k and person B nothing at all then Person A's capital account is £20k and person B's in Nil. The assets of the partnership will be sold off presumably and applied to the capital position. Profits or losses would be presumed to be 50/50 in the absence of any agreement, written or implicit, to the contrary.
Can't help but feel this is being made out to be far more difficult than it actually is?
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