Flashcards in CH12 - Accounting for Partnerships and Limited Liability Companies Deck (10):
The debit balance in the owner's equity account of a partner.
A business form consisting of one or more persons or entities filing an operating agreement with a state to conduct business with limited liability to the owners, yet treated as a partnership for tax purposes.
limited liability company (LLC)
The winding-up process when a partnership goes out of business.
An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.
The formal written contract creating a partnership.
The sale of assets when a partnership is being liquidated.
A measure of the efficiency of the business in generating revenues, which is computed as revenue divided by number of employees.
revenue per employee
A summary of the changes in each member's equity in a limited liability corporation that have occurred during a specific period of time.
statement of members' equity
A summary of the changes in each partner's capital in a partnership that have occurred during a specific period of time.
statement of partnership equity