Capital deficiency - balances after allocation of gain or...

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Capital deficiency (p. H-10) A debit balance in a partner’s capital account after allocation of gain or loss. General partner (p. H-3) A partner who has unlimited liability for the debts of the firm. Income ratio (p. H-6) The basis for dividing net income and net loss in a partnership. Limited liability company (p. H-3) A form of business organization, usually classified as a partnership and usually with limited life, in which partners, who are called members , have limited liability. Limited liability partnership (p. H-3) A partnership of professionals in which partners are given limited liability and the public is protected from malpractice by insurance carried by the partnership. Limited partner (p. H-3) A partner who has limited liability for the debts of the firm. Limited partnership (p. H-3) A partnership in which one or more general partners have unlimited liability and one or more partners have limited liability for the obligations of the firm. No capital deficiency (p. H-10) All partners have credit
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Unformatted text preview: balances after allocation of gain or loss. Partners capital statement (p. H-9) The owners equity statement for a partnership which shows the changes in each partners capital balance and in total partnership capital during the year. Partnership (p. H-1) An association of two or more persons to carry on as co-owners of a business for profit. Partnership agreement (p. H-4) A written contract expressing the voluntary agreement of two or more individuals in a partnership. Partnership dissolution (p. H-2) A change in partners due to withdrawal or admission, which does not necessarily terminate the business. Partnership liquidation (p. H-10) An event that ends both the legal and economic life of a partnership. S corporation (p. H-3) Corporation, with 75 or fewer stockholders, that is taxed like a partnership. Schedule of cash payments (p. H-12) A schedule showing the distribution of cash to the partners in a partnership liquidation....
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.

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Capital deficiency - balances after allocation of gain or...

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