2. NATIONAL UNIVERSITY

3. ACCOUNTING PRESENTATION GROUP MEMBERS: oSoSYED TAHA GHAYAS (181) oSoSYED SOHAIL SAJJAD (111) oSoSAQUIB AGHAI (239) oMoMUHAMMAD FAISAL (161) oAoAHMED SYED MANSOOR (145)

4. DEFINATION: In a Partnership, two or more people share ownership of single business. ADVANTAGES: EASY TO ESTABLISH: INCREASE IN ABILITY TO RAISE FUNDS: FLOWING OF PROFITS THROUGH PRTNER’S PERSONAL TAX RETUNS: PROSPECTIVE EMPLOYES MAY BE ATTRACTED BY INCENTIVE OF BECOMING THE PARTNER: BENEFITS FROM COMPLEMENTARY SKILLED PARTNER.

5. PARTNERSHIP DISADVANTAGES: oLoLIABILITIES FOR THE ACTIONS OF OTHER PARTNERS. oSoSHARING OF PROFITS. oOoOCCURRENCE OF DISAGREEMENTS. oLoLIMITED LIFE OF A PARTNERSHIP. oNoNON-DEDUCTIBILITY OF SOME EMPLOYEE BENEFITS.

6. TYPES: GENERAL PARTNERSHIP: Partners divide responsibility for management and liability, as well as the shares of profit or loss according to their internal agreement. Equal shares are assumed unless there is a written agreement that states differently. LIMITED PARTNERSHIP & PARTNERSHIP WITH LIMITED LIABILITY: "Limited" means that most of the partners have limited liability (to the extent of their investment) as well as limited input regarding management decisions, which generally encourages investors for short term projects, or for investing in capital assets. This form of ownership is not often used for operating retail or service businesses. Forming a limited partnership is more complex and formal than that of a general partnership.

7. PARTNERSHIP JOINT VENTURE: Acts like a general partnership, but is clearly for a limited period of time or a single project. If the partners in a joint venture repeat the activity, they will be recognized as an ongoing partnership and will have to file as such, and distribute accumulated partnership assets upon dissolution of the entity.

8. PARTNERSHIP FEDRAL TAX FORMS THAT PARTNERSHIP MAY NEED TO FILE: o PARTNERSHIP RETURN OF INCOME o PARTNER’S SHARE OF INCOME,CREDIT,DEDUCTIONS. o DEPRICIATION o INDIVIDUAL INCOME TAX RETURN o SUPPLEMENTAL INCOME & LOSS o SELF EMPLOYMENT TAX o ESTIMATED TAX FOR INDIVIDUALS o EMPLOYMENT TAX FORMS

9. PARTNERSHIP SUMMARY: oEoEASY TO ORGANIZE,BUT NEEDS TO ORGANIZE oPoPARTNERS RECEIVE ALL INCOME oPoPARTNERS HAVE LIMITED LIABILITY oPoPARTNERS MAY DISAGREE oLoLIFE OF BUSINESS MAY BE LIMITED

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