Question

definition of partnership account

Answer 1

A brokerage account in which two or more individuals are equally liable. Apartnership account differs from a joint account in that the partnership account may include a written agreement defining the interest of each partner.

Answer 2

The accounting for a partnership is essentially the same as is used for a sole proprietorship, except that there are more owners. In essence, a separate account tracks each partner's investment, distributions, and share of gains and losses.