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When two or more individuals jointly own and manage a business, it is called a partnership. Members can and should opt for limited liability so that they can stay distinct from the firm as a financial entity.
Partnership accounting is the same as accounting for a proprietorship, except there are separate capital and drawing accounts for each partner.
The fundamental accounting equation (Assets = Liabilities + Owner’s Equity) remains unchanged, except that total owners’ equity is the sum of the partners’ capital accounts. Partnerships are better managed, have relatively higher cash flows, and have a more significant market share.
It is common for partners to split profits according to mutually agreed terms, and each partner is responsible for paying taxes on their share of the income.
Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.