ACC 440 Chapter Notes - Chapter 13: Uniform Partnership Act, Limited Liability, Fiduciary
Document Summary
Chapter 13 partnerships: characteristics, formation, and accounting for activities. As a partner, you have a responsibility to the partnership, and empowered to enter into contracts. Looking at entity through eyes of owner; pass-through entity (only file informational returns) Salaries to the partner are viewed as distributions of income rather than a component of income. Unlimited liability of partners (rather general or limited) the general partner is subject to additional liability; it goes beyond the entity to the individual partners themselves. Income of partnership not taxed at the partnership level (because pass-through entity), will be included in partners individual income. Original partnership will be dissolved if a partner is admitted or withdraws. Looks at business unit as separate and distinct entity existing apart from the partners. 703; **study what partnerships need to have in their agreements) There are sometime substantive material fees that have to be paid by the partnership to state and locat jurisdations.
