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 fiscal period |
|
|
Term
| liquidation of a partnership |
|
Definition
| the process of paying a parnership's liabilities and distributing remainning assets tot he partners |
|
|
Term
|
Definition
| cash received from the sale of assets during liqidation of a partnership |
|
|
Term
| limited liability partnership (LLP) |
|
Definition
| a partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages |
|
|
