Examples of Partnership Accounts in a sentence
In the event you are a Limited Liability Partnership registered under the Limited Liability Partnerships Act 2012 (Act 743), Clause 20.2.2 (Operation of Partnership Accounts) of the Conditions does not apply.
Section 4 of the Indian Partnership Act 1932 defines partnership as the 62 Accountancy – Not-for-Profit Organisation and Partnership Accounts ‘relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all’.Persons who have entered into partnership with one another are individually called ‘partners’ and collectively called ‘firm’.
When the Deed specifically provides for it, interest on capital is 76 Accountancy – Not-for-Profit Organisation and Partnership Accounts credited to the partners at the agreed rate with reference to the time period for which the capital remained in business during a financial year.
All funds of the Partnership shall be deposited in one of the Partnership Accounts and used exclusively for Partnership purposes.
No Partner shall commingle any other funds with the funds of the Partnership in the Partnership Accounts.