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PARTNERSHIP ACCOUNT

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Omkar Sadaphule
Bharati Vidyapeeth's Jawaharlal Nehru Institute of Technology, Pune
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Partnership: A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, gover nments or combinations. Organizationsmay partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. Partnerships have a long history, they were already in use in Medieval times in Europe and in the Middle East. In Europe, the partnerships contributed to the Commercial Revolutionwhich started in the 13th century. Partnership agreements: Although not required by law, partners should create a partnership agreement that defines the important terms of their relationship.[5] Partnership agreements can be formed in the following areas: Business: two or more companies join forces in a joint venture[6] or a consortium to i) work on a project (e.g. industrial or research project) which would be too heavy or too risky for a single entity, ii) join forces to have a stronger position on the market, iii) comply with specific regulation (e.g. in some emerging countries, foreigners can only invest in the form of partnerships with local entrepreneurs.[7] In this case, the alliance may be structured in a process comparable to a Mergers & Acquisitions transaction. Politics (or geopolitics): In what is usually called an alliance, governments may partner to achieve their national interests, sometimes against allied governments holding contrary interests, as occurred during World War II and the Cold War. Knowledge: In education, accrediting agencies increasingly evaluate schools, or universities, by the level and quality of their partnerships with local or international peers and a variety of other entities across societal sectors. Individual: Some partnerships occur at personal levels, such as when two or more individuals agree to domicile together, while other partnerships are not only personal, but private, known only to the involved parties. Once agreement is reached, the partnership is typically enforceable by civil law, especially if well documented. Partners who wish to make their agreement affirmatively explicit and enforceable typically draw up Articles of Partnership. Trust and pragmatism are also essential as it cannot be expected that everything can be written in the initial partnership agreement, therefore quality governance[8] Partner compensation:

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