PARTNERSHIP
CONTRACT OF 2 OR MORE PERSON
BIND THEMSELVES
TO CONTRIBUTE MONEY, PROPERTY, OR INDUSTRY
INTO A COMMON FUND
WITH THE INTENTION OF DIVIDING THE PROFIT AMONG THEM
KINDS OF PARTNERSHIP
AS TO LIABILITY
GENERAL PARTNERSHIP -ALL PARTNER ARE GENERAL PARTNER
LIMITED PARTNERSHIP -THERE'S ATLEAST 1 GENERAL PARTNER AND THE REM
OWNERHIP
UNIVERSAL PARTNERSHIP AS TO PROPERTY
UNIVERSAL PARTNERSHIP AS TO PROFIT
DURATION
PARTNERSHIP AT WILL
PARTNERSHIP WITH A TERM
AS TO BUSINESS
GENERAL PARTNERSHIP -TRADING, MANUFACTURING, COMMERCIAL BUSINE
GENERAL PROFESSIONAL PARTNERSHIP -PROFESSIONAL SERVICES
AS TO VALIDITY
DE JURE
DE FACTO
KINDS PARTNER
1.00 GENERAL PARTNER
2.00 LIMITED PARTNER
3.00 CAPITALIST PARTNER -MONEY AND/OR PROPERTY
4.00 INDUSTRIAL PARTNER -SERVICE, EXPERTISE, KNOWLEDGE
5.00 CAPITALIST-INDUSTRIAL PARTNER
6.00 MANAGING PARTNER -ASSIGNED TO MANAGE THE BUSINESS OF THE PARTNERSHIP
7.00 REAL PARTNER -LEGIT PARTNER OF THE PARTNERSHIP
8.00 NOMINAL PARTNER -PARTNER BY ESTOPPEL
9.00 SECRET PARTNER -ACTIVE PARTNER BUT NOT KNOWN TO BE A PARTNER
### SILENT PARTNER - NOT ACTIVE PARTNER BUT KNOWN TO BE A PARTNER
### DORMANT PARTNER - NOT ACTIVE PARTNER BUT NOT KNOWN TO BE A PARTNER
### LIQUIDATING PARTNER -ASSIGNED TO LIQUIDATE THE PARTNERSHIP
CHARACTERISTICS OF PARTNERSHIP
1.00 EASE OF FORMATION
2.00 LIMITED LIFE
3.00 UNLIMITED LIABILITY
, 4.00 MUTUAL AGENCY
5.00 SEPARATE LEGAL ENTITY
6.00 PROFIT SHARING
7.00 TAXABLE
ACCTG ON PARTNERSHIP FORMATION
ACCTG ON PARTNERSHIP OPERATION- PROFIT/LOSS DISTRIBUTION
ACCTG ON PARTNERSHIP LIQUIDATION
ACCTG ON PARTNERSHIP DISSOLUTION
ACCTG ON PARTNERSHIP FORMATION
CAPITAL CONTRIBUTIONS
CASH -MEASURED AT FACE VALUE
NON CASH
PROPERTY -AGREED VALUE
-FAIR MARKET VALUE
-BOOK VALUE,COST
INDUSTRY -NO VALUATION UNTIL THE SERVICE HAS BEEN DONE
AGREED CAPITALIZATION -THIS AMOUNT WILL BE REFLECTED TO THE FS
ADJUSTMENT TO CAPITAL BALANCES OF LEN & MAY
BOOKS OF LEN CAPITAL BALANCES
LEN CAPITAL 2,000,000.00 LEN
ALLOWANCE FOR BAD DEBTS 2,000,000.00 CAPITAL BALANCES 80,000,000.00
B (2,000,000.00)
BOOKS OF MAY C (10,000,000.00)
MAY CAPITAL 6,000,000.00 D (20,000,000.00)
ALLOWANCE FOR BAD DEBTS 6,000,000.00 E (2,250,000.00)
AGREED CAPITAL 45,750,000.00
BOOKS OF LEN NANCY-20%
LEN CAPITAL 10,000,000.00 TOTAL AGREED CAPITAL
INVENTORIES 10,000,000.00
BOOKS OF LEN STATEMENT OF FINANCIAL POSITION JA
LEN CAPITAL 20,000,000.00
ACCUM DEP 20,000,000.00 CASH
AR
BOOKS OF MAY ALLOWANCE FOR BD
MAY CAPITAL 3,000,000.00 INVENTORIES
ACCUM DEP 3,000,000.00 PPE
TOTAL ASSETS
BOOKS OF LEN
LEN CAPITAL 2,250,000.00 A/P
CONTRACT OF 2 OR MORE PERSON
BIND THEMSELVES
TO CONTRIBUTE MONEY, PROPERTY, OR INDUSTRY
INTO A COMMON FUND
WITH THE INTENTION OF DIVIDING THE PROFIT AMONG THEM
KINDS OF PARTNERSHIP
AS TO LIABILITY
GENERAL PARTNERSHIP -ALL PARTNER ARE GENERAL PARTNER
LIMITED PARTNERSHIP -THERE'S ATLEAST 1 GENERAL PARTNER AND THE REM
OWNERHIP
UNIVERSAL PARTNERSHIP AS TO PROPERTY
UNIVERSAL PARTNERSHIP AS TO PROFIT
DURATION
PARTNERSHIP AT WILL
PARTNERSHIP WITH A TERM
AS TO BUSINESS
GENERAL PARTNERSHIP -TRADING, MANUFACTURING, COMMERCIAL BUSINE
GENERAL PROFESSIONAL PARTNERSHIP -PROFESSIONAL SERVICES
AS TO VALIDITY
DE JURE
DE FACTO
KINDS PARTNER
1.00 GENERAL PARTNER
2.00 LIMITED PARTNER
3.00 CAPITALIST PARTNER -MONEY AND/OR PROPERTY
4.00 INDUSTRIAL PARTNER -SERVICE, EXPERTISE, KNOWLEDGE
5.00 CAPITALIST-INDUSTRIAL PARTNER
6.00 MANAGING PARTNER -ASSIGNED TO MANAGE THE BUSINESS OF THE PARTNERSHIP
7.00 REAL PARTNER -LEGIT PARTNER OF THE PARTNERSHIP
8.00 NOMINAL PARTNER -PARTNER BY ESTOPPEL
9.00 SECRET PARTNER -ACTIVE PARTNER BUT NOT KNOWN TO BE A PARTNER
### SILENT PARTNER - NOT ACTIVE PARTNER BUT KNOWN TO BE A PARTNER
### DORMANT PARTNER - NOT ACTIVE PARTNER BUT NOT KNOWN TO BE A PARTNER
### LIQUIDATING PARTNER -ASSIGNED TO LIQUIDATE THE PARTNERSHIP
CHARACTERISTICS OF PARTNERSHIP
1.00 EASE OF FORMATION
2.00 LIMITED LIFE
3.00 UNLIMITED LIABILITY
, 4.00 MUTUAL AGENCY
5.00 SEPARATE LEGAL ENTITY
6.00 PROFIT SHARING
7.00 TAXABLE
ACCTG ON PARTNERSHIP FORMATION
ACCTG ON PARTNERSHIP OPERATION- PROFIT/LOSS DISTRIBUTION
ACCTG ON PARTNERSHIP LIQUIDATION
ACCTG ON PARTNERSHIP DISSOLUTION
ACCTG ON PARTNERSHIP FORMATION
CAPITAL CONTRIBUTIONS
CASH -MEASURED AT FACE VALUE
NON CASH
PROPERTY -AGREED VALUE
-FAIR MARKET VALUE
-BOOK VALUE,COST
INDUSTRY -NO VALUATION UNTIL THE SERVICE HAS BEEN DONE
AGREED CAPITALIZATION -THIS AMOUNT WILL BE REFLECTED TO THE FS
ADJUSTMENT TO CAPITAL BALANCES OF LEN & MAY
BOOKS OF LEN CAPITAL BALANCES
LEN CAPITAL 2,000,000.00 LEN
ALLOWANCE FOR BAD DEBTS 2,000,000.00 CAPITAL BALANCES 80,000,000.00
B (2,000,000.00)
BOOKS OF MAY C (10,000,000.00)
MAY CAPITAL 6,000,000.00 D (20,000,000.00)
ALLOWANCE FOR BAD DEBTS 6,000,000.00 E (2,250,000.00)
AGREED CAPITAL 45,750,000.00
BOOKS OF LEN NANCY-20%
LEN CAPITAL 10,000,000.00 TOTAL AGREED CAPITAL
INVENTORIES 10,000,000.00
BOOKS OF LEN STATEMENT OF FINANCIAL POSITION JA
LEN CAPITAL 20,000,000.00
ACCUM DEP 20,000,000.00 CASH
AR
BOOKS OF MAY ALLOWANCE FOR BD
MAY CAPITAL 3,000,000.00 INVENTORIES
ACCUM DEP 3,000,000.00 PPE
TOTAL ASSETS
BOOKS OF LEN
LEN CAPITAL 2,250,000.00 A/P
