Chris B.

Mascariñas
BSACC3A

Back To Basic Reflection

On February 11,2023, the De La Salle Araneta Junior Philippine Accountants host an

event entitled,”Back to Basic”. It aims to educate the participants who registered on that said

event. The webinar talks about the Accounting Partnership and the invited speaker who

educated us participants was Mr. Jefferson Cruz. He is also one of the faculties in College of

Business in De La Salle Araneta University. The first part of the webinar defined the word

“Partnership”. It was defined as the contract between two or more persons that are all willing

to contribute to the financial need and idea to the industry where the business belongs to.

This information is very helpful not only to the business student but also to the

individuals who are aspiring businessman and businesswoman when the right time comes.

Business doesn’t limit oneself for having it or experiencing it, perhaps business invites

individuals to take a risk because it is a field where you can explore and will let you to widen

your knowledge about the things that surrounds us. When it comes into partnership, you

should be wise picker of the people that you are working with. Establishing the trust and team

relationship can help the organization to formulate effective ideas that will surely can benefit

the business positively. In this seminar, the speaker also talks about the characteristics of

partnership, first on the list is the association of individuals, this may be based on handshake or

written agreement.

Second characteristic is the mutual agency, this characteristic talks about the action of

the people who are involved in the partnership who are cold partners. This explains that the act
of any partner will reflect on all of the members. Next on the list is the Limited life, this

characteristic talks about time, time that may be ended any time through the acceptance of

new partner or a withdrawal of a partner. Next is the unlimited liability, it explains that each

partner is liable. Lastly, the co-ownership of property. This talks about the assets are jointly

owned by the partners.

Aside of the definition of partnership-and its characteristics, I also learned that

partnership has an advantage and disadvantage. One of the advantage of partnerships is that

there are more than one mind who is functioning in terms of strategizing and conceptualizing in

terms of the business improvement. For the disadvantage, if one of the members of the

partnership tries to commit unethical behavior, there is a huge possibility that he whole

company and the image of it, will be also liable and will be part of the investigation itself. The

whole company may face consequences.