| A | B |
|---|
| partnership | A business in which two or more persons combine their assets and skills. |
| partner | Each member of a partnership. |
| partnership agreement | A written agreement setting form the conditions under which a partnership is to operate. |
| distribution of net income statement | A partnership financial statement showing net income or loss distribution to partners. |
| owners' equity statement | A financial statement that summarizes the changes in owners' equity during a fiscal period. |
| liquidation of a partnership | The process of paying a partnership's liabilities and distributing remaining assets to the partners. |
| realization | Cash received from the sale of assets during liquidation of a partnership. |
| limited liability partnership (LLP) | A partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages. |
