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Income-Sharing Ratio
The ratio used by partnerships to distribute profits and losses among partners according to their agreement.
Outstanding Sales Skills
Outstanding sales skills are exceptional abilities in selling, characterized by techniques and qualities that significantly enhance the potential to convert prospects into actual customers.
Liquidating Partnership
The process of terminating a partnership by selling off assets, settling debts, and distributing any remaining assets to the partners.
Capital Accounts
Refers to accounts that show the owners' or shareholders' investments in a business, including retained earnings and contributed capital.
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