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Transcript of PARTNERSHIP
Book & Account
No legal obligation to keep the books and prepare the accounts.
Example of account:
capital account, current account, ending account.
PROFIT OR LOSS
In partnership, members will jointly manage the business and make decision together.
Profit or loss will be shared together follow by terms in agreement of partnership business that been signed by members.
Profit or loss will be divided equally between members without taking arguement about amount given.
Contribution of a partner, plus profits and minus losses and distributions
A partnership occurs when two or more persons combine to operate a business. Normally the allocation of profit and losses, management and operation of the partnership is set forth in a written 'partnership agreement' which it signed by all partner .
Limited liability partnership
Limited liability partnership is often only available to group of professionals, such as lawyer, accountants, and doctors. This partnership agreement are governed by specific provincian legistation.
Unlimited Liability Partnership
Type of business where owners share joint and several responsibility for the entire amount of debt and other liabilities amassed by the business. Unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made.
ILYA ICHSAN BIN JASNI
MUHAMMAD HAFEEZ BIN ABDUL BASIR
NUR AIN SYAHIRAH BT MOHD ZAMZURI
AIN ASMIDAR BT RIZZUAN
NURSYAHIRAH BT ABU SUPIAN
NUR FARZANA BT MOHD TARMIZI
NUR SYAHERA BT JOHAR
PREPARED BY :
AUDIT & FORMATION
No legal obligation to have an audited accounts
One of the key advantages of the corparate form. That is why setting up a partnership is much easier than starting up a corporation. All you need is two or more people willing to run a business together and share profits and losses.
Profit received by the partners are eligible to tax under the personal incom tax regime.
More capital can be raised because there is more than one contributor.
Special skill can be brought into the business.
Business risk is minimized as all partners are responsible to the health of the partnership.
Unstable as the partnership is easy to dissolved upon the death or retirement of a partner.
Co-operation may be difficult where more than one person control the business.
Capital constraint as borrowing power is limited.