What do you understand by partnership, Financial Accounting

Q. What do you understand by Partnership?

Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a trade or business for profit and share the resulting profits. Unlike a CORPORATION'S shareholders, partnership's general partners are liable for the DEBTS of partnership. (See GENERAL PARTNERSHIP, LIMITED LIABILITY PARTNERSHIP, LIMITED PARTNERSHIP.)

Related Discussions:- What do you understand by partnership

Differences between estates and trusts-executorship laws, Differences betwe...

Differences between estates and trusts Note particularly the following differences between estates and trusts:— 1. Estate: on the death of a testator or an intestate, all

IFRS vs Gaap, #questBackground: The SEC set up the Work Plan which sets for...

#questBackground: The SEC set up the Work Plan which sets forth specific areas and factors to consider before potentially transitioning our current financial reporting system for U

Need help completing self assessment return, I am an AAT student studying l...

I am an AAT student studying lvl 3 AAT at college. I wish to learn how to complete self assessment end of year tax return forms for other people. That is because I have already bee

Uncertainty concerning the business, Uncertainty concerning the business ...

Uncertainty concerning the business It has been recognised in a variety of studies that the problem of adequately financing SMEs is a problem of uncertainty. A defining feature

What is capitalized interest, Q. What is Capitalized Interest? Capitali...

Q. What is Capitalized Interest? Capitalized Interest - INTEREST cost incurred during time required to bring an ASSET tothe condition and location for its intended use and incl

Cash flow statement, does closing balance of cash flow statement equals to ...

does closing balance of cash flow statement equals to cash in balance sheet

our assumptions about consumer behavior, 5. A stockholder named Sue mus...

5. A stockholder named Sue must cast a vote for chair of the board. Sue prefers Mr. Lee to Ms. Doe, Ms. Doe to Mr. James, and Mr. James to Mr. Lee. a. Are Sue's preferences c

Continuous compounding, In Section we had established an association among ...

In Section we had established an association among the effective and nominal rate of interest where compounding arise n times a year that is as given: r = (1 + k/m ) m - 1

Partener ship, disolution of parteners

disolution of parteners

Entity theory method, Entity theory method: Golden Bells Inc. is a for...

Entity theory method: Golden Bells Inc. is a foreign subsidiary of Northern Bells Ltd., a Canadian company. Northern Bells had purchased 90% of the outstanding shares of Gold

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages