Answer the following questions:

1. What is the definition of a partnership?
2. How are partnerships taxed?
3. Since partnerships are typically private organizations, they are not required to issue financial statements that are in conformity with GAAP. What are some of the more prominent departures from GAAP?
4. What does the joint and several liability of partners mean?
5. What is the purpose of partner Capital Accounts? How does the Capital Account change during the accounting period?

Please answer each seperately.