The Abolition of the Trial Balance; Together with Twelve Studies in Bookkeeping and Accounting; In XIV Chapters, Fully Illustrated

The Abolition of the Trial Balance; Together with Twelve Studies in Bookkeeping and Accounting; In XIV Chapters, Fully Illustrated

By (author) 

List price: US$13.48

Currently unavailable

Add to wishlist

AbeBooks may have this title (opens in new window).

Try AbeBooks

Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ...owned by a partnership the procedure is the same as in a single proprietorship, with the exception that the profits are divided proportionately between the partners. In the partnership deed there would probably be a provision whereby Johnson would be entitled to 6/ioths and Lang to 4-ioths of the net profits of the business. If the partners receive salaries as remuneration for their services many complications are avoided, but where no salaries are provided for, the partners' drawings are subject to interest, unless otherwise provided for in the partnership deed. The responsibility assumed by partners is summarized in Spaulding's Encyclopaedia of Law and Forms as follows: "As a general rule, a partnership may exist in any business or transaction which is not a mere personal office, and for the performance of which payment may be enforced. It may be created for a special purpose, or confined by the parties to a particular line of business, or even a single transaction. One partner may contribute all the money or all the stock, or all the labor or skill necessary for the purposes of the firm; but in order to make people liable as partners to each other, it is necessary that there should be a community of profits, although one of them may stipulate to be indemnified against loss. This, however, respects their mutual claims, for however they may stipulate with each other, all who take a share in the profits, and all who allow themselves to be described and held out as partners, are liable as such to those to whom they have so held themselves out. Supposing the parties to have become partners, the result is that each individual partner constitutes the others his agents for the purpose of entering into all contracts for him in the scope of...show more

Product details

  • Paperback | 44 pages
  • 189 x 246 x 2mm | 95g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236752856
  • 9781236752857