| A | B |
|---|
| Distribution of Net Income Statement | A partnership financial statement showing net income or loss distribution to partners |
| Limited Liability Partnership (LLP) | A partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages. |
| Liquidation of a Partnership | The process of paying a partnership's liabilities and distributing remaining assets to the partners. |
| Owners' Equity Statement | A financial statement that summarizes teh changes in owners' equity during a fiscal period. |
| Partner | Each member of a partnership. |
| Partnership | A business in which two or more persons combine their assets adn skills. |
| Partnership Agreement | A written agreement setting forth the conditions under which a partnership is to operate. |
| Realization | Cash received from the sale of assets during liquidation of a partnership. |
