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level: Partnerships

Questions and Answers List

level questions: Partnerships

QuestionAnswer
When contributing assets to form a partnership, how are they valued?Fair Value
Partnerships: How do you calculate Goodwill?(New Partner Investment/% New Partner) - Total New Capital
Partnership Liquidation: Order of Operations (4 steps)1. Sell Assets 2. Pay Back Liabilities (External) 3. Pay Back Liabilities (Internal) 4. Distribute Remaining Cash (Partner Balances)
Partnership: Adding Partners- GW vs Bonus MethodBonus Method= New Partner will always get the % desired, excess $ would go to old partners, or new partner would get brought up to the %. Goodwill Method= (Investment / New %) - Total New Capital; This Goodwill will always go to the old partners.
Partnership: Removing Partners- GW vs Bonus MethodBonus Method= Old partners buy leaving partner out, along with any cash they receive. Goodwill Method= Implied FV of Goodwill (usually amount paid extra to partner / Leaving Partner %) is allocated to all partners, before the exiting partner is removed.