ACCT B8008 Lecture Notes - Lecture 7: Financial Statement, Limited Liability, Capital Account

• School: Columbia University
• Department: Accounting
• Course: ACCT B8008
• Professor: Zeidan

Document Summary

Partnership from of organization r s h i p : t ne. A par is an association of two or more persons to carry on as co-owners of a business for profit. de t her f i n i t i on: In egypt, the civil law defines a partnership as: *accompany between two or more persons with intention of trading as co-partner on certain address or name of this company. It consists of five characteristics as follow : 5- co-ownership of property. ( 1) a s s o c ia t ion o f i nd ivi d u als. * a partnership is a legal entity and also an accounting entity. Thus, the personal asset, liabilities, and transaction of partners are excluded from the accounting recorded of the partnership. * a partnership unlike corporation doesn"t pay income tax but each partner pays tax on his or her share of the partner ships taxable income.