Student’s Handbook on Partnership Accounting
Do you know how many types of businesses are there? Well, they are proprietorship, corporation, and partnership. Among these three, the partnership is the most important form of business. It means two or more people start a business together under the Partnership Act. Well, writing an accounting assignment is not easy, and when it comes to accounting, many students stand up their hands and ask for accounting assignment help. Here, in this blog, learn more about the most important aspect of accounting, i.e., partnership accounting. What are the Characteristics of General Partnership? Canadian Law recognizes that there are two types of partnership, i.e., general and limited. So, here let’s discuss the characteristics of the general partnership: Voluntary Association A general partnership is a voluntary arrangement between two or more persons who are legally competent and mentally fit. Taxation The partnership is not meant for sharing profit only. They also need to pay the tax as per t