Partners Are Not Entitled to Compensation for Services Performed for the Partnership

question 2

Multiple Choice

Partners are not entitled to compensation for services performed for the partnership unless:

• A) the services are performed by a surviving partner in winding up the partnership affairs.
• B) the services are unusual or more extensive than services rendered by other partners.
• C) due to the illness of a partner, the other partners have to perform the services ordinarily performed by that partner.
• D) the services rendered by the partner are such that they ordinarily would be rendered with the expectation of compensation.

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Definitions:

Endorsement

An official signing or inscribing of one's name on a document to validate it or transfer its ownership.

Direct Deposit

An electronic process, preauthorized by a customer, that allows funds to be deposited directly into the customer’s bank account.

Multiple Forgeries

Acts of fraudulently making or altering multiple written documents or signatures to deceive others.

Negligence

A failure to act with the level of care that someone of ordinary prudence would have exercised under the same circumstances, resulting in harm or damage.