A partnership is an unincorporated business owned by two or more persons jointly. If there are only
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A partnership is an unincorporated business owned by two or more persons jointly. If there are only a few partners, the equity of each would be shown separately.
Rick Crawley and Colette Webb are equal partners in a laundry business.
On December 31, 2011, the equity in the business totaled $180,000. The equity might be reported on that date as follows:
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