Accounting Principles Accounting for Partnerships讲解材料.pptxVIP

;;Partnership, an association of two or more persons to carry on as co-owners of a business for profit.;ASSOCIATION OF INDIVIDUALS Legal entity. Accounting entity. Net income not taxed as a separate entity.;LIMITED LIFE Dissolution occurs whenever a partner withdraws or a new partner is admitted. Dissolution does not mean the business ends.;Special forms of business organizations are often used to provide protection from unlimited liability. Special partnership forms are: Limited Partnerships, Limited Liability Partnerships, and Limited Liability Companies.;Major Advantages Simple and inex