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Starbucks Partner Manual. Cool!
ADMISSION OF A PARTNER •
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The admission of a new partner results in the legal dissolution of the existing existing partnership and the beginning of a new partnership. To recognize economic effects, it is necessary only to open a capital account for each new partner. A new partner may be admitted either by: –
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1. Purchasing the interest of one or more existing partners, or 2. Investing Investing assets in the t he partnership.
PROCEDURES IN ADDING PARTNERS Admission of Partner through:
Partnership Assets
I. Purchase of a Partner’s Interest The admission of a partner by purchase of an interest in the firm is a personal transaction between one or more existing partners and the new partner. The price paid is negotiated and determined by the individuals involved; it may be equal to or different from the capital equity acquired. Any money or other consideration exchanged is the personal property of the participants and not the property of the partnership.
PROCEDURES IN ADDING PARTNERS When a partner is admitted by investment, both the total net assets and the total partnership capital change. When the new partner’s investment differs from the capital equity acquired, the difference is considered a bonus either to: 1) the existing (old) partners or 2) the new partner.
Hello Partnership Assets
II. Investment of Assets in Partnership
BONUS TO OLD PARTNERS The procedure for determining the new partner’s capital credit and the bonus to the old partners is as follows: 1. Determine the total capital of the new partnership by adding the new partner’s investment to the total capital of the old partnership. 2. Determine the new partner’s capital credit by multiplying the total capital of the new partnership by the new partner’s ownership interest. 3. Determine the amount of bonus by subtracting the new partner’s capital credit from the new partner’s investment. 4. Allocate the bonus to the old partners on the basis of their income ratios.
BONUS TO NEW PARTNER The procedure for determining the new partner’s capital credit and the bonus to the new partner is as follows: 1. Determine the total capital of the new partnership by adding the new partner’s investment to the total capital of the old partnership. 2. Determine the new partner’s capital credit by multiplying the total capital of the new partnership by the new partner’s ownership interest. 3. Determine the amount of bonus by subtracting the new partner’s investment from the new partner’s capital credit. 4. Allocate the bonus from the old partners on the basis of their income ratios.
