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What are the 5 characteristics of a partnership

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In the accounting principles, what are the 5 characteristics of a partnership? Be detailed in your descriptions of each characteristic. Provide examples when appropriate. Also, as part of your descriptions, identify how each characteristic makes a partnership different from a sole proprietorship.

Accounting Principles: When a partner withdraws from a partnership, why would the partnership revalue its assets? Why would the withdrawing partner take more or less than book equity? Please provide detailed responses.

Reference no: EM13555405

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