Term
|
Definition
| An amount that accrues to the original parnters when a new partner pays more to the partnership than the interest received or that accrues to the new partner when the amount paid to the partnership is less than the interest received. |
|
|
Term
|
Definition
| The loss of legal authority to continue a partnership and the cessation of the partnership as a seperate accounting entity caused by a change in the original association of partners. |
|
|
Term
|
Definition
| A partnership in which two or more entities collaborate to achieve a specific goal. |
|
|
Term
| Limited Liability corporations (LLCs) |
|
Definition
| Corporations that resemble LLPs and that are used by professional firms to limit the liability of the partners. |
|
|
Term
| Limited Liability Partnerships (LLPs) |
|
Definition
| Partnerships authorized by state law and used by professional firms to limit the liability of the partners. |
|
|
Term
|
Definition
| A characteristic of a partnership; the fact that any event that breaches the partnership agreement - including the admission, withdrawal, or death of a partner - terminates the partnership. |
|
|
Term
|
Definition
| A type of partnership in which a general partner has unlimited liability and the liability of the other partners is limited to the amount of their investments in the firm. |
|
|
Term
|
Definition
| A special form of dissolution in which a partnership ends by selling assets, paying liabilities, and distributing any remaining assets to the partners. |
|
|
Term
|
Definition
| A characteristic of a partnership; the authority of each partner to act as an agent of the partnership within the scope of the business's normal operations. |
|
|
Term
|
Definition
| The owner's equity in a partnership. |
|
|
Term
|
Definition
| An association of two or more people to carry on as co-owners of a business for profit. |
|
|
Term
|
Definition
| The contractual relationship between partners that identifies the details of their partnership. |
|
|
Term
|
Definition
| Corporations that U.S. tax laws treat as partnerships. |
|
|
Term
| Special-purpose entities (SPEs) |
|
Definition
| Firms with limited lives that are created to achieve a specific objective of the parent company. |
|
|
Term
|
Definition
| A characteristic of a partnership; the fact that each partner is personally liable for all the debts of the partnership. |
|
|
