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FINANCIAL ACCOUNTING OBJ (TYPE B)
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(2a)
partnership is a business structure where two or more individuals (or entities) agree to share in the profits and losses of a business venture.
(2b)
(i)Death of a partner: Unless the partnership agreement states otherwise, the death of any partner dissolves the partnership.
(ii)Bankruptcy/Insolvency of a partner: If a partner is declared bankrupt or insolvent, the partnership is typically dissolved.
(iii)Mutual agreement: Partners can unanimously agree to dissolve the business at any time.
(iv)Illegality of the business: If the purpose of the partnership becomes unlawful, it must be dissolved.
(v)Court order: A court may order the dissolution of a partnership under certain circumstances, such as a partner’s permanent incapacity or persistent breach of the partnership agreement.
(2c)
(i)Number of owners: A sole trading business has only one owner, while a partnership has two or more owners (partners).
(ii)Source of capital: Capital in a sole proprietorship comes from the sole owner’s personal savings or loans, while in a partnership, capital is contributed by all partners.
(iii)Liability: Sole traders have unlimited personal liability. Partners also typically have unlimited liability, but it is shared among them.
(iv)Management: A sole trader manages the business alone, whereas management in a partnership is shared among the partners.
(v)Legal status: A sole proprietorship has no separate legal existence from its owner. A partnership, while having a distinct business name, is also generally not a separate legal entity from its partners.
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