Partnership Accounts: 1
A partnership is a relationship between persons carrying on business in common with a view of profit. A key feature is that each partner accepts full liability for the debts of the partnership, which means that if the business becomes insolvent, the partners are liable for the full debts of the business in the same way as a sole trader. However, if one partner is unable to meet his share of the debts, it must be met by the other partners.
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