Is one whose participation extends to the

entire business

• Particular Partner

• Universal partner

• ostensible partner

• General Partner

Companies that purchase goods that are ready for sale and then

sell these to customers

• Merchandizing

• service

• Manufacturing

• Merchandising

 prepared by the

accountant which explain the activities for a period of time

that caused the owner’s equity to change.

• Income Statement

• Statement of Cash flow

• Statement of changes in owners equity

• Statement of Financial position

 show how healthy

or robust the enterprise when it shows a listing of accumulated

resources (cash and properties) After deducting the liabilities (debts or

obligations to pay). After deducting the liabilities from the assets, the

net assets show the new value or net worth of the firm which belong

to the owner.

• Statement of financial performance

• statement of financial Position

• Statement of financial

• Statement of cash flow

describes how business operated or produced wealth

over a given period of time.

• Statement of cash flow

• statement of changes in owners equity

• statement of financial position

• Income statement

explains why

the amount of cash changed over a period of time. The report makes a

listing of the cash inflow activities (cash receipts) and the cash outflow

(cash payments) of the business.

• Statement of cashflow

• statement of changes in owners equity

• statement of financial position

• statement of financial performance

Each partner is personally and individually

liable for all partnership liabilities.

• limited life

• voluntary association

• unlimited liability

• mutual agency

 It has a juridical personality separate

and distinct from the partners. It can acquire, sell or

dispose properties, incur obligations and transact

business in its name.

• taxable entity

• taxable equity

• legal equity

• legal entity

Individuals by their own free

will agree to join together and form a partnership.

• Voluntary Association

• mutual agency

• mutual entity

• Legal entity

 is an organization where two or more

persons bind themselves to contribute money,

property, or industry into a common fund with the

intention of dividing the profits among themselves.