To form a partnership, each partner contributes personal assets in exchange for a share of ownership in the partnership. Net income or net loss is distributed among the partners .

If the partnership agreement does not provide for distribution of income and losses, then income and losses are divided equally among the partners. When a partner dies or retires, .

Any property owned by the partnership is .

When a partnership is dissolved, an Individual partner's share of the partnership's assets is .

Partners may contribute either cash or noncash onto to form a partnership. Noncash asset contributed are recorded at .