STUDY UNIT 2: ESTABLISHMENT AND FINANCIAL STATEMENTS OF A PARTNERSHIP PARTNERSHIP - A partnership is a legal relationship which arises when an agreement is entered into by two to twenty people. Each partner contributes something – cash‚ assets‚ knowledge etc to the business with the aim of making a profit which is shared according to an agreement. 2.2 Reasons for forming partnerships o To increase the amount of capital in the business o To eliminate competition o To bring capital and
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PARTNERSHIP Partnership is defined as a relation between persons who have agreed to share the profits and losses of a business carried on by all of them or any of them acting for all‚ on a pre agreed profit sharing ratio. The main types of partnerships are general partnership‚ limited partnership and Joint venture. General Partnership is a partnership in which all the partners share equal responsibilities and liabilities in the partnership firm/company. The main characteristic of general partnership
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Chapter # 03 Partnership Q-1 Define Partnership and explain the features of Partnership? Ans. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money‚ property‚ labor or skill‚ and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income‚ deductions‚ gains‚ losses‚ etc.‚ from its operations‚ but it does not pay income tax. Instead
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to Bentley Physiotherapy’s partnership agreement that Tim‚ Kathy and Martin are partners and that Bentley Physiotherapy is operating as a partnership so no further analysis into the essential elements of a partnership is necessary. It is stated that Adam made it clear that he didn’t want to be a partner. This does not give us any reason to believe that Adam is not a partner of the business. Whether a partnership exists is a mixed question of fact and law. WA Partnership Act 1895 – S8 sets out some
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To determine whether Nazir and Omar has a valid partnership or not.We need to look and understand the definition of partnership by Partnership Act‚ 1961.S.3(1) define partnership as ‘Partnership is the relation which subsists between person carrying on a business in common with a view of profit’.5 words need to be examine‚first is ‘relation’‚’person’‚‘a business’‚’carried in common’ and ‘with a view of profit’ .We will look into what type of relation they are in‚is the business running carried in
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The Misconception of the Earring In the article‚ “Sex and the body‚” by Nelly Oudshoorn‚ gender is defined as the assignment of masculine and feminine qualities to bodies in cultural contexts. In relation gender is a set of characteristics distinguishing between male and female‚ particularly in the cases of men and women. Depending on the writing‚ the discriminating characteristics vary from sex to social to gender identity politics. But in most contexts‚ even in some areas of social sciences
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In "This Blessed House‚" it is slightly different. Sanjeev and Twinkle is a married Indian couple. Can you tell already which one in the couple is somewhat assimilated into the American culture? They had bought their first home together as a newlywed couple. As time goes on into the story‚ Sanjveev realizes that Twinkle is not in touch with her Indian heritage as much as he wants her to be. This is all brought on by Christian statues and replicas found in the new home (American Short Stories
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alayhi wasallam) gave the glad tidings of Janaat. Rasullullah (sallallahu alayhi wasallam) informed that these ten Sahaaba have already been promised Janaat‚ hence we have to believe with certainty that the following ten Companions are Janaati. The Blessed Ten Companions are: 1-Abu bakr Siddiq 2-U’mar-e-Farooq 3-Uthman binAffa’an 4-Ali Ibn Abi Talib 5-Abdur-Rahman bin A’aowf 6-Sa’ad ibn Abi Waqqas 7-Sa’id ibn Zayd 8-Abu Ubaydah bin Al-Jirrah 9-Talhah ibn Ubaydullah 10-Zubair bin Al-Awam Hazrat Abu
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Blessed Be. Purpose is to invoke the blessings of the gods onto a person‚ and should not be just tossed around or used light heartedly but now the days Blessed be is over used much like greeting or a goodbye‚ and is starting to lose its meaning. " The term Blessed Be is mainly used during ritual and primarily during The Five Fold Kiss‚ most commonly done during initiation and dedication rites. The Five Fold Kiss was created by the founder of Wicca‚ Gerald Gardner‚ as the
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I would like to share a short realization. When I was in elementary‚ I hated participating in school activities and programs because I didn’t believe that I have a talent to share. I did not think that I was given a special gift‚ a special talent blessed within me. Then‚ after a year‚ I accepted a personal relationship with God‚ He started opening my eyes to see the gifts and talents that I didn’t realize I already have. Because of these gifts and talents‚ I discovered my purpose in life. And that
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