Term
|
Definition
| a business in which two or more persons combine their assets and skills |
|
|
Term
|
Definition
| each member of a partnership |
|
|
Term
|
Definition
| a written agreement setting forth the conditions under which a partnership is to operate |
|
|
Term
| Distribution of net income statement |
|
Definition
| a partnership financial statement showing net income or loss distribution to partners |
|
|
Term
|
Definition
| a financial statement that summarizes the changes in owner's equity during a fiscal period |
|
|
Term
| Liquidation of a partnership |
|
Definition
| the process of paying a partnership's liabilities and distributing remaining assets to the partners |
|
|
Term
|
Definition
| cash received from the sale of assets during liquidation of a partnership |
|
|
Term
| Limited liability partnership (LLP) |
|
Definition
| a partnership thatcombines the advantages of the partnership and th corporation, while avoiding their disadvantages |
|
|
