Term
|
Definition
| The debit balance in the owner's equity account of a partner. 542 |
|
|
Term
| Limited Liability Company (LLC) |
|
Definition
| A relatively new business entity form that overcomes some of the disadvantages of the partnership form while retaining some of its advantages. 528 |
|
|
Term
|
Definition
| When a partnership goes out of business, it usually sells the assets, pays the creditors, and ditributes the remaining cash or other assets to the partners. 539 |
|
|
Term
|
Definition
| An association of two or more persons who own and manage a business for profit. 527 |
|
|
Term
| Partnership Agreement, or Articles of Partnership |
|
Definition
| A contract created for a new partnership. It should include statements regarding such matters as amounts to be invested, limits on withdrawls, distributions of income and losses, and admission and withdrawal of partners. 527 |
|
|
Term
|
Definition
| Selling the partnership assets. 539 |
|
|
Term
| Statement of Members' Equity |
|
Definition
| A summary of the changes in each member's equity in a limited liability corporation that have occurred during a specific period of time. 545 |
|
|
Term
| Statement of Partnership Equity |
|
Definition
| What the change in the owners' capital accounts for a period of time is reported in. 544 |
|
|
Term
| Statement of Partnership Liquidation |
|
Definition
| A statement that summarizes the liquidation process. See Exhibit 5 on page 540. 540 |
|
|
