features of partnership

• More than one capital and drawings account
• partners may advance money to the partnership in form of loans when the business needs additional funds

  Partner’s loans
• the partnership may advance money to partners other than withdrawals in the form of loans

  Partner’s borrowings
• for services rendered in the conduct of partnership

  Partner’s salaries
• interest is allowed to earn on the asset investment of the partners

  Interest on Investment
• net profit or net loss is to be divided among the partners based on their agreement

  Division of profit and losses