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When lifelong friends Ben Cohen and Jerry Greenfield began an ice-cream business in 1978, they became business partners. Of resource, Ben and Jerry had a success story. However, when friends or acquaintances go into business together, it is never certain how the partnership will turn out. Therefore, you should clarify a partnership ahead of time. For example, you would need to discuss how the partners would share the profits. What happens if the business fails? How can you make sure both partners are taking equal risk in the partnership? What happens if one partner wants to exit the business? One of the disadvantages of partnerships is crafting agreements that address these issues; such agreements are called partnership agreements. Another disadvantage involves new partners. If a new partner enters or a partner leaves, you have to start the partnership all over again and form a new agreement. Also, both partners have unlimited liability. That means that if Ben and Jerry had failed, they would have had to incur the costs. Once an effective partnership agreement is established, there are many advantages to having a partner. These include being able to raise more capital than a sole proprietorship. Partnerships are less expensive to set up than corporations. Finally, sometimes the combination of the right partners can spark creativity and energy.
This resource provides instruction for users to:
- Define terms related to business accounting
- Identify the types of partnerships and the characteristics that distinguish partnerships from other forms of business
- Prepare partnership financial statements
- Discuss considerations for establishing a partnership
- Describe how profits and losses are divided in a partnership
- Explain how a partnership is liquidated
Families play a key role in the early childhood curriculum. Families are the child’s first and most important teachers. It is important for you as an educator to work closely with families as you develop and implement your curriculum.
This resource provides instruction for users to:
- Compare ways of involving families in curriculum development and implementation
- Critique different communication strategies for establishing reciprocal relationships with families
- Describe the benefits of establishing reciprocal relationships with families