Partnership Accounting Considerations
bivio provides accounting and tax preparation for your club using unit based partnership accounting. Club ownership and sharing of profits and losses is determined by the number of "units" or shares of the partnership each partner owns.
This means an investment in your club is similar to an investment you make when you purchase shares of a mutual fund. Instead of purchasing shares of stock, you purchase shares of ownership in your club.
Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.