Professional Documents
Culture Documents
LECTURE AID
2016
ZEUS VERNON B. MILLAN
AA PART 1: Zeus Vernon B. Millan
PARTNERSHIP
Overview on the topic:
Chapter
Title
1
Sub-topics___
Partnership - Part 1
Partnership Formation
2 Partnership Part 2
Partnership Operations
3 PartnershipPart 3
Partnership Dissolution
4 PartnershipPart 4
Partnership Liquidation
Partnership
Characteristics of a partnership
1. Ease of formation
2. Separate legal personality
3. Mutual agency
4. Co-ownership of property
5. Co-ownership of profits
6. Limited life
7. Transfer of ownership
8. Unlimited liability (this is applicable to a general
partnership)
1.
2.
3.
Capital accounts
Drawing accounts
Receivable from/ Payable to a partner
SEAT WORK:
(PROBLEM 1-5: CLASSROOM ACTIVITY)
OPEN FORUM
QUESTIONS????
REACTIONS!!!!!
END
CLASSROOM ACTIVITIES: PROBLEM 9-7: #s 1 & 2