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Partnerships 1.ppt

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Partnerships 1.ppt
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Advanced Accounting II,Topic: Partnerships,1,Partnerships: Objectives,Comprehend the legal characteristics of partnerships. Understand initial investment valuation and record keeping. Grasp the diverse nature of profit and loss sharing agreements and their computation. Value a new partner's investment in an existing partnership.,2,Objectives (cont.),Value a partner's share upon retirement or death. Understand limited liability partnership characteristics.,3,1: Characteristics of Partnerships,4,Partnerships – Formation, Operations, and Changes in Ownership InterestsA partnership is an association of 2 or more people carrying on business in common with a view to making a profitNo limit on the number of partners,Partnerships,Entity theory: partners own their share of the partnership, but not its individual assets Assets of the partnership are the joint property of all partners Each partner has a claim to a share of the business profits Dissociation: partners can dissociate without dissolution,5,Partnerships,Partners have Mutual agency Either partner can bind the business to a contract so long as it is within regular business operations Unlimited personal liability Liability is for all of the partnership debts, not just partnership sharePartnerships pay no taxes Partners pay tax individually on their share of the profits,6,Articles of Partnership,Written partnership agreement detailing: Products or services, line of business Partner rights & responsibilities Initial investment and value assigned to noncash investments Additional investment conditions Asset withdrawals Profit and loss sharing Dissolution procedures,7,Partnership advantages,8,Versus proprietorships: Can raise more capital Combines expertise In a good partnership 1+1 2Versus companies Less expensive to organise No taxation of partnership income,Partnership disadvantages,9,Formulation of partnership agreement A new agreement is required each time a new partner joins or a partner withdrawsPersonal relationsh
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