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Unformatted text preview: Accounting BAT4M Partnership Agreement Assignment Although a partnership can be formed by an oral agreement, it is highly desirable that a written partnership agreement be prepared, summarizing the partners’ mutual understanding of their new enterprise. In order to understand the process involved in creating a partnership each of you will have to write up your own partnership agreement You are in the business of servicing a product called a widget. You started the partnership January 1, 2001 . Part A Everyone in the class will be assigned one of the following six roles. These roles have a drastic effect on the partnership agreement: 1. An engineer that knows the technical side of the widget business. You are willing to work full time and invest an equal amount of the necessary start-up capital. 2. An accountant who knows the financial side of the widget business. You are willing to work full- time and invest an equal amount of the necessary start-up capital....
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- Fall '05
- Income Statement, partner, Double-entry bookkeeping system, partnership agreement, January 1