he is the sole propritor of a partnership
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
a partner owning 25% of partnership capital and profits sells the asset to the partnership
yes
Unlike the shareholders in a limited company, the members of a general partnership have no financial protection if the business runs into trouble - each partner is responsible for the debts of the partnership as a whole. This means that each partner's personal assets may be at risk if the business fails
are you talking about buisiness mergers, or marriage, or perhaps a buisiness partner, like in a law firm?
A partnership that requires only one partner to be a general partner is called a limited partnership. This is a form of partnership.
Yes, an LLC can be a partner is a partnership and they often are. In this case, all partners in the general partnership are general partners.
Withdraw as a partner. The partnership agreement should address this issue.
The Partnership Act of 1932 allows for a Limited Liability Partnership. In a Limited Liability Partnership, one partner is not responsible for another partner's negligence and misconduct. Depending on the state, and the partnership, there are varying degrees of limited partnership.
Take the partner to court to preserve your interests, and disolve the partnership.
partner
Where a corporation is a partner in a partnership, the corporation's directors can have an indirect effect on the partnership.
Yes. A corporation is an artificial person but is a person according to the law and thus can be a partner in a partnership.
Partnership has a limited span of life, so if one partner will resign the partnership will be dissolved.There will be some changes or adjustments to be made by the remaining partners.
The difference in a partner and principal of a firm is huge. A partner is an equal and a principle is the boss.
A partnership does not automatically dissolve if a partner is deemed incompetent. The partnership documents should state the procedure if one partner becomes incapacitated for any reason, which would include incompetency.
Partner.