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