Many farming partnership accounts contain errors which cause complications, cost and stress when there is a change, such as a death or retirement from the business, or a dispute. As farm businesses ...

Regardless of the type of company you run, the same basic accounting equation applies: The value of your company's assets is equal to its total liabilities plus the owners' equity in the firm.

When you form a small business by creating a partnership, you and your partners contribute assets to the new company. This is the basis for each partner's interest in the company. Each partner forms a ...