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Accounting CH 12

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Updated 2007-05-10 23:02

Definitions

TermDefinition
PartnershipAn association of two or more persons who co-own a business for profit.
Partnership AgreementThe contract between partners. Name, Location, nature of business. Name of each partner; capital inventsment, sharing profits and losses.
DissolutionEnding of a partnership
Mutual AgencyEvery partner can bind the business to a contract.
Unlimited Personal LiabilityPartners must use personal assets to meet the debt.
General PartnershipEach partner is an owner of the business.
Limitied PartnershipHas a general partner and limited partners.
Limited Liability PartnershipPersonal liability is limitied.
S CorporationsTaxed the same way as a partnership
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