Current Account in United Kingdom
Brief Introduction to Current Account in Partnership Law
The partners in a partnership or members of an LLP have both Capital and Current Accounts. Other Short note (s) in relation wth Current Account here:
The Current Account represents their share of profits and losses and profits can be withdrawn as drawings.
The Capital Account represents their share of the equity of the business and is made up of money (or other assets) they have introduced into the business. This is repaid to them when they retire.
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