A partnership is an accounting entity separate and apart from its owners.

Name: A partnership is an accounting entity separate and apart from its owners.
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Partnerships are considered separate legal entities from their owners, meaning they have their own unique tax ID number and can enter into contracts and conduct business in their own name. Partnerships also have their own financial statements, including income statements and balance sheets, which are separate from those of the individual partners.

A Partnership Is an Accounting Entity Separate and Apart from Its