(Answered) Question 1 denzel and shantell form a partnership by

Accounting

Question: 1. Denzel and Shantell form a partnership by contributing $70,000 and $35,000, respectively. They agree to an interest allowance equal to 10% of each partner's capital balance at the beginning of the year, with the remaining income shared equally. Allocate first-year income of $40,000 to each partner.

2. Which of the following forms of organization do not provide limited liability to all of its owners?

(a) S corporation,

(b) limited liability company,

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