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To keep a dual-earner relationship running smoothly, it is best to leave time management and priority-setting back at the office.
Partners' Equity
The owners' claim against the partnership assets, representing their share of the business's total equity.
Partnership Earnings
The share of profits or losses generated by a partnership that is allocated to each partner according to their agreement.
Federal Income Tax
A tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Incoming Partner
A new member joining a partnership, bringing capital to the business in exchange for a share of the partnership's profits and losses.
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