Salary and interest allowances for partners are treated as expenses of the firm and are used in the calculation of net income.
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Q1: A pool of talented professionals can form
Q2: A partnership has a limited life. It
Q3: To be legal, a partnership agreement must
Q4: The separate entity assumption requires personal expenses
Q5: At the end of each fiscal year,
Q7: Investments by a partner are credited to
Q8: Family partnerships enable family members to pool
Q9: Unlike a corporation, a partnership does not
Q10: Limited partners are only liable for their
Q11: Each partner is empowered to act as
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