E13-1 Characteristics of a partnership [5–10 min] Theresa Thayer, a friend from university, asks you to form a partnership to import fragrances. Since graduating, Thayer has worked for the Spanish Embassy, developing important contacts with government officials. Theresa believes she is in a unique position to capitalise on an important market. With expertise in accounting, you would have responsibility for the partnership's accounting and finance. Requirement List the seven items that would need to be incorporated into the written partnership agreement.
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
![E13-1 Characteristics of a partnership [5–10 min]
Theresa Thayer, a friend from university, asks you to form a partnership to import fragrances.
Since graduating, Thayer has worked for the Spanish Embassy, developing important contacts
with government officials. Theresa believes she is in a unique position to capitalise on an
important market. With expertise in accounting, you would have responsibility for the
partnership's accounting and finance.
Requirement
List the seven items that would need to be incorporated into the written partnership
agreement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d6686f0-24e3-43de-bc21-a827730605bb%2F7e206a7a-ef7d-4ce1-9032-89af52f57710%2Faz4fc6x_processed.png&w=3840&q=75)
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