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Key Terms

  • Capital Account: Partner's equity in partnership
  • Partnership: Business owned by two or more partners
  • Partnership Agreement: Contract defining partnership terms
  • Profit Allocation: Distribution of profits to partners
  • SNC: SociĂ©tĂ© en Nom Collectif (general partnership)
  • SCS: SociĂ©tĂ© en Commandite Simple (limited partnership)