Accounting

PARTNERSHIP DEFINITION A CONTRACT WHEREBY TWO OR MORE PERSONS CONTRIBUTE MONEY OR INDUSTRY TO A COMMON FUND WITH THE INTENTION OF DIVIDING THE PROFITS AMONG THEMSELVES. (Art. 1767 Civil compute of the Philippines) -AN ASSOCIATION OF TWO OR MORE PERSONS WHO CO-OWN A job FOR A PROFIT. CHARACTERISTICS 1. Separate legal face-to-faceity 2. Mutual means 3. Limited life 4. Un moderate liability 5. Co-ownership of property 6. Co-ownership of remuneration ADVANTAGES DISADVANTAGES ease of formation and dissolution easily dissolved/limited life unlimited liability unlimited liability break off management difficulty in transferring ownership flexibility in decision making conflict among partners greater capital compared to touch on proprietorship lesser capital compared to corporation ARTICLES OF CO-PARTNERSHIP -this agreement is a framework which governs the formation, operations, dissolution and liquidation of the partnership. CONTENTS: Name and spirit of the partnership. Date on which the partnership contract takes effect and era of such contract. Names of partners, and partners investments. Authority, rights and duties of each partner. Accounting period to be applied, and accounting and auditing of partnership books. Method of sharing profits and losses.

furnish of the arbitration of disputes and liquidation of the partnership. KINDS OF PARTNERSHIP Non-Trading alliance Trading fusion world-wide Partnership Limited Partnership Universal Partnership of entirely Present Property Universal Partnership of All Profits Particular Partnership KINDS OF PARTNERS Capitalist Partner industrial Partner (shares in the profits only) Capitalist- Industrial Partner General Partner Limited Partner Nominal Partner reclusive Partner Silent Partner PARTNERS CAPITAL, gulp & LOAN ACCOUNTS PARTNERS CAPITAL go down attach Permanent withdrawal Initial investment Sale of righteousness Additional Investment Payment of partnership liability from personal funds PARTNERS DRAWING Increase Decrease Temporary... If you want to get a full essay, order it on our website: Ordercustompaper.com

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