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partnership

Published on Dec 30, 2015

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MORE DECKS TO EXPLORE

PRESENTATION OUTLINE

1.

partnership

Mr. Melkonian
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2.

sole proprietorship

one person owns the business
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3.

partnership

legal arrangement where 2 or more people join together for business
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4.

partnership

  • share profit/losses
  • provinces have partnership act, specific to them
5.

partnership accounts

pretty much the same - except for...?
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6.

drawings and capital

divided up depending on prior agreement
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7.

advantages of a partnership

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8.

more financial resources

to get the business started
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9.

various skill sets

marketing, finance, etc.
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10.

decisions without a big group

corporations have a huge chain of command
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11.

doesn't pay its own income tax

avoids double taxation that corporations deal with
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12.

disadvantages

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13.

limited life

death, bankrupt, mentally ill - dissolved
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14.

unlimited liability

unpaid creditor can go after either partner
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15.

mutual agency

decisions bound together - one of them can't say the other guy screwed up 
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16.

limited partnerships

mutual agency and unlimited liability make things complicated
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17.

liability becomes restricted to amount he/she invests

creates general/limited partners
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18.

general partners

unlimited liability - manage the business
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19.

limited partners

limited liability and a limited role in operations
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20.

partnership agreement

legal contract (pg 582)
21.

partnership agreement

legal contract (pg 582)
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22.

partnership acts

aims to protect people getting to partnerships (provincial)
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23.

if there's no partnership agreement...

profit/losses divided equally - so make sure it's in place!
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24.

apportionment of net income/loss

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25.

salaries

generally people doing more things get more
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26.

interest

depends how much they have put in - agreed upon early
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27.

income/loss sharing ratio

partners may want more if they contribute x or y thing - connections, skills, etc.
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Peter Melkonian