Partnership
- is created by operation of law
- is a contract (meeting of minds) whereby
- an artificial being
- two or more people bind themselves to contribute money, property and/or industry to a common fund with the intention of dividing profits among themselves
General Professional Partnership
- a group of professionals with the same profession in a partnership
Characteristics of Partnership:
1. Mutual Contribution
2. Division of Profits and Losses
3. Co-ownership of Contributed Asset
4. Mutual Agency
5. Limited Life
6. Unlimited Liability
7. Income Taxes
8. Partners Equity Accounts
Classification of Partnership:
1. According to object:
a. Universal Partnership Of All Present Property
b. Universal Partnership Of All Profit
c. Particular Partnership
2. According to liability:
a. General
b. Limited
3. According to duration:
a. Fixed
b. At will
4. According to purpose:
a. Commercial/Trading
b. Professional/Non-trading
5. According to legality of existence:
a. De Jure
b. De Facto
Kinds of Partnership
-General
-Limited
-Capitalist
-Industrial
-Managing
-Liquidating
-Dormant
-Silent
-Secret
-Nominal/Estoppel
**
Info above was from Ballada! And oh, partnership again. Why? We have a PARCOR subject. That's why. Keep safe everyone!
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Accounting
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