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What else can I help you with?
What are the implications of the abandonment of a partnership interest on the remaining partners and the overall operations of the partnership?
When a partner abandons their partnership interest, it can impact the remaining partners and the partnership's operations. The remaining partners may have to take on additional responsibilities or financial burdens. The partnership may also need to reevaluate its structure and goals to account for the loss of the partner.
Do you need an LLC to open a business bank account?
No, you do not need an LLC to open a business bank account. You can open a business bank account as a sole proprietor or with other business structures like a partnership or corporation.
What is the journal entry for prepaid rent if the business is a partnership and it is a cash basis?
[Debit] Prepaid Rent [Credit] Cash Account This entry will be same whether partnership business or other form of company.
What is profit and loss appropriation account?
its when a partnership business draws up an Appropriation Account to show how the net profit is shared out between the partners
How do you have a joint bank account?
You can have a joint bank account when two or more individuals especially in a partnership business opens an account with the firm name and have more than one signatures.
What is joint venture account?
is a temporary partnership between two or more people undertaking business with the aim of making profit
If you default on personal credit can a lien go against a business checking account?
Depends on how your business is set up - sole proprietor, corporation, limited partnership, etc.
Can a partnership bank account can be converted to proprietor account?
no
How do you open a bank account for a Partnership firm?
To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners need to be provided.
How do you account for equipment stolen from business?
Loss by theft will be charged to profit and loss account for that specific fiscal year with the remaining amount after accumulated depreciation till that time period.
what account does personal expenses belong?
Personal expenses typically belong to the owner's equity account in a business's financial records. They are often categorized under drawings or withdrawals if the business is a sole proprietorship or a partnership. These expenses reflect the owner's personal use of business funds and should be tracked separately from business expenses to maintain accurate financial reporting.
Is Yahoo and Google in a partnership?
Google & Yahoo are in the same account, so if you get a yahoo account you will also have a google account. :]
