04 Feb Using voice-over PowerPoint or YouTube, present and discuss the type of organization you selected in Week 1, the chart of acc

Business Partnership

A business partnership is a legal relationship that exists between more than two people or companies where both parties invest their capital in the business and benefit from profits and losses. There are innumerable advantages of having a business partnership, beginning with the fact that there are more people involved, there is more capital available to develop projects, which in the same way means financial relief for the members since the investment does not fall on a single person. The ideas and capacities of the different members are used for the benefit of all, for example, one person is good at marketing, another at finance, another at human resources, etc., which creates a good team. The responsibilities of the business are shared between the partners just as everyone has the same level of participation in any task. Although it is true that this type of business has great advantages, it also has disadvantages such as that in a business partnership the conflicts can be quite notorious, for example disagreement over a product, the way one works with a certain task, etc. The responsibility for loans, debts, any decision that is made by another partner, is linked to all partners equally. If at any time any of the members of the business wants to sell their part, it could present a problem if it is done by a stranger. Definitively, the advantages outweigh the disadvantages when it comes to business partnership, it is also important to evaluate them carefully.

References:

Badgett, K. (2016). School-business partnerships: Understanding business perspectives. School Community Journal, 26(2), 83-105. https://0624jgzw6-mp01-y-https-www-proquest-com.prx-keiser.lirn.net/scholarly-journals/school-business-partnerships-understanding/docview/1862999656/se-2

Martinuzzi, B. (2021). The Advantages and Disadvantages of a Partnership. American Express. https://www.americanexpress.com/en-us/business/trends-and-insights/articles/what-are-the-advantages-and-disadvantages-of-a-partnership/

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Trial Balance

Trial stability is a declaration containing the balances of all widespread ledger money owed to an enterprise at a sure factor in time. The main objective of trial balance is to check the arithmetical accuracy of the entries posted in the ledger accounts. If the overall debits healthy the overall credits, then the trial stability is stated to be balanced. The trial balance ensures that the financial statements are accurate. Companies can easily check the accuracy of their trial balance by monitoring the debit and credit balances. Without the trial balance, companies would be estimating their income, and would be more likely to see errors in their financial statements. Trial balance helps in the preparation of financial statements. Trial stability no longer does agree, it indicates that there are sure errors. Trial balance acts as a tool for expenditure control. Trial balance helps in rectifying errors. Trial balance assists in comparative analysis. Trial balance helps in preparation of audit report.