The Assets and Liabilities sections of a balance sheet for a partnership are prepared in the same way as the Assets and Liabilities sections of a balance sheet for a proprietorship.

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Both partnerships and proprietorships prepare the Assets and Liabilities sections of their balance sheets in the same manner, as these sections reflect the company's financial position regardless of the business structure. The main difference between the two types of businesses is found in the equity section, where a partnership will list the accounts for multiple partners, while a proprietorship will have a single owner's equity account.

The Assets and Liabilities Sections of a Balance Sheet for a Partnership