Brenda Wilson, Elizabeth Higgins, and Helen Poncelet form a partnership as a first step in creating a

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Brenda Wilson, Elizabeth Higgins, and Helen Poncelet form a partnership as a first step in creating a business. Wilson invests most of the capital but does not plan to be actively involved in the day-to-day operations. Higgins has had some experience and is expected to do a majority of the daily work. Poncelet has been in this line of business for some time and has many connections. Therefore, she will devote a majority of her time to getting new clients.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Fundamentals of Advanced Accounting

ISBN: 978-0077667061

5th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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