Entity: PARTNERSHIP-ACCOUNT
A partnership account refers to the bank account established by the General Partner in a business organization formed by a group of partners, where owners have unlimited personal liability for the actions of the business.
Partnership-Account
Etymology
The term 'partnership account' originates from the concept of partners coming together to form a business organization.
Definition
A partnership account is the bank account established by the General Partner in a business organization formed by a group of partners, where owners have unlimited personal liability for the actions of the business.
Historical Context
Partnership accounting has been a common form of business organization for personal service enterprises, legal, and public accounting professions.
Cultural Significance
Partnership accounts play a crucial role in the financial management and operations of businesses owned by multiple individuals or entities.
Related Concepts
Partnership accounting is closely related to joint ventures and other forms of collaborative business arrangements.
See Also
A partnership account is the bank account established by the General Partner in a business organization formed by a group of partners, where owners have unlimited personal liability for the actions of the business.