In this lesson, I learned that partnerships is a deal that involves 2 or twenty

people, each contributing something to the partnership. The main objective of a

partnership is to make it profitable, with profits being dived among partners
according to the agreement. Partners also have unlimited personal liability for the
partnership department. They are also not recognised as legal bodies, so they are
individually taxed on profits. A partnership agreement should include two or more
attorneys, as the goal is to make a profit by providing professional services.The
partnership contract should include investments made by all partners, with each
partner having their own ledger accounts. Transactions between partners are
recorded in the partners in the partners current account, which is then debited
when it rises and credited when it falls. Two financial statements are required:
The statement of profit, similar to a sole proprietor and the statement of
financial position, showing individual financial statements of each partner