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1) Define µPartnership¶
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1) Disputes between partners on business matters
2) All are µjointly and severally liable¶ for his partners. If one
partner incurs a liability, then the others will also share it.
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Partners in a partnership are largely free to make whatever
agreements between themselves that they wish to cover their
mutual relationships. The powers and rights of the partners
between themselves are governed by any written agreement they
may make. This is referred to as
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It states the followings:
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+ Unlike the capital
account of a sole trader, this will only contain the original
capital put into the business plus any further capital
introduced at a later date. It is fixed in nature and
Capital introduced or withdrawn by new/retiring partners.
The differences between Sole Trader and
Partnership in terms of accounting entries
Capital and Current Accounts (continues)
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THE END