partnership account

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Partnership Account

An account at a brokerage held by two or more people in which each person is equally liable. The account holders may or may not have a written agreement on the rights and obligations each one has in the partnership account. This is similar to a joint account, but is used mainly for business partnerships, rather than for married couples who are investing.

partnership account

A brokerage account in which two or more individuals are equally liable. A partnership account differs from a joint account in that the partnership account may include a written agreement defining the interest of each partner.
References in periodicals archive ?
deductions from business accounts the CMS could seize funds from sole trader and partnership accounts to pay off a parents unpaid maintenance bill.
As partners typically have a certain share percentage within a partnership, their share of the overall profit will be used for affordability purposes, so it is important that the partnership accounts clearly show how much each partner is entitled too.
This may be the current market value at the date of death (likely to be the most beneficial for the deceased's estate) or the historic value at which assets are carried in the partnership accounts.
University of Wales Newport graduate Liz Thorne, who most recently worked for a firm of accountants in Canberra, Australia, joins as accounts assistant, working on the preparation of company, sole trader and partnership accounts.
The ASEM partnership accounts for about half of the world's GDP, around 60% of the world's population and up to 60% of global trade.
8807, a partner is entitled to "a settlement of all partnership accounts upon winding up the partnership business.
At the time of formation, therefore, the partnership accounts looked as follows:
3 SMALL BUSINESS AND PARTNERSHIP ACCOUNTS are covered by the pounds 50,000 guarantee if they meet certain conditions.
To reach this conclusion, the court focused on three main points: (1) the trust and LLC received partnership interests proportionate to the assets each contributed; (2) the partnership accounts were properly credited; and (3) the partnership agreement required distributions on termination or liquidation according to the partner's capital balances.
But within the last few months, discrepancies had been alleged in the partnership accounts, and this businessman had been accused of dishonest dealings.
hires Jim Gerardot as executive director of animal health and productivity, Gunter Hess as director of animal health e-commerce operations and Victor Wright as director of animal health and productivity partnership accounts.

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