1. BUSINESS HIGH SCHOOL-ACCOUNTING II
Partnerships:
Formation, Dissolution
and
Liquidation
Chapter 14
Partnership Agreement
Formation
Investments
Owners’
Equity
Withdrawals
Liquidation
Dissolution
Death of a Partner
Withdrawal of a Partner
Admission of a New Partner
Realization
Accounting II Essential Learning Expectations-Chapter 14:
A Partnership Agreement states the amount each partner is investing; the rights, duties, and responsibilities of each partner; how partners will share profits and losses; the amount of withdrawal allowed each partner, and procedures for dissolving or liquidating the partnership.
A partnership is dissolved and a new partnership is formed whenever there is a change in partners, but the business continues to operate.
When a partnership liquidates, the business ends.
Content Vocabulary:
Dissolution
Liquidation
Mutual Agency
Realization