Final Paper
Accounting for partnerships – Discuss the advantages and disadvantages of partnerships....

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Final Paper
Accounting for partnerships – Discuss the advantages and disadvantages of partnerships. Identify and discuss the Financial Accounting Standards (FAS) that govern accounting for partnerships including creation, operation, and liquidation. What are the tax consequences of partnerships?
Must be 7 PAGES APA style.
Must begin with an introductory paragraph that has a succinct thesis statement.
Must address the topic of the paper with critical thought.
Must end with a conclusion that reaffirms your thesis.
Must use at least three scholarly sources and cited.
	
Document Preview: Final PaperAccounting for partnerships – Discuss the advantages and disadvantages of partnerships. Identify and discuss the Financial Accounting Standards (FAS) that govern accounting for partnerships including creation, operation, and liquidation. What are the tax consequences of partnerships?Must be 7 PAGES APA style.Must begin with an introductory paragraph that has a succinct thesis statement.Must address the topic of the paper with critical thought.Must end with a conclusion that reaffirms your thesis.Must use at least three scholarly sources and cited. MUST BE APA FORMATTED

Robert · Accepted Answer

PARTNERSHIP 

Title of Paper: 
Student’s Name: 
Course Name and Number: 
Instructor’s Name: 
Date Submitted:
  PARTNERSHIP 
 
Introduction 
Partnership business is the form of business organization which is entered between two or more 
persons to share profits and costs in the ratio specified in agreement, if not specified then the cost 
and profits will be shared equally. Partnership requires less formalities and regulations and 
formation of partnership is an easy task. Partnership firm needs to fulfill all the legal 
compliances but is not subject to taxation. 
Types of Partnership  
Partnership is of two types one is general partnership and second is limited liability partnership, 
domestic partnership and limited partnership. 
General Partnership: It is a kind of business which is formed by two or more persons and 
created or entered by agreement. The liability for any debts and legal actions of the company is 
that of owners and partners.  
Limited liability Partnership:  It is a form of organization in which the liability is limited to the 
value of registered investment.  In limited liability partnership form of business only one partner 
is required to be a general partner.  
Limited partnership: In this form of business no partner is liable for the misconduct of other 
partners.  Partners are liable for their own misconduct and that too with no limit in that. It is 
limited in the sense of partners and not in the sense of liability amount.  
Domestic partnership: This is an interpersonal or legal relationship between the two individuals 
who live together and have a common domestic life but are neither joined by civil union nor by 
marriage. (Fischer M. Paul, (2012), Page 703) 
Advantages of Partnership 
Following are the advantages of partnership business: 
  PARTNERSHIP 
 
Diverse skills and expertise 
In partnership there is a group of persons who have diverse expertise and skills and are called 
partners. Since each partner possesses different skills, partnership firm can be managed 
efficiently.

Final Paper Accounting for partnerships – Discuss the advantages and disadvantages of partnerships. Identify and discuss the Financial Accounting Standards (FAS) that govern accounting for...

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