Association

Association
An association is a body of persons united without a charter, but upon the methods and forms used by incorporated bodies, for the prosecution of some common enterprise. Some entities may be associations taxable as a corporation.
Partner
A partner is a member of a partnership, which could be a syndicate, association, pool, joint venture, or another unincorporated organization. Partners generally report their pro rata share of partnership income and deductions on their personal tax returns.

Accounting Terms Lexicon

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