The articles of partnership is a voluntarily prepared agreement detailing the terms and functioning of a partnership between business partners. It acts as a blueprint for the internal operations and distributions of profits, losses, and duties within the firm.
The Statement of Partners' Capital, typically presented on the balance sheet, indicates the net worth of each partner's interest in a business partnership.
A venturer is a party in a joint venture, an arrangement where two or more entities have joint control over an undertaking, sharing profits, losses, and control equally or as defined by a contractual agreement.
