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 ...

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.

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 ...