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Recording Business Transactions Executive Summary In the research, a comprehensive analysis of the various company structures, such as sole proprietorships and partnerships, has been provided. Specifically, the report has focused on sole proprietorships. The study analyses the downsides of the business that was just described, in addition to analysing its upsides and pointing out its advantages and disadvantages. There is included both a comprehensive description of the various calculations connected to the financial components of the report as well as the proper arguments for these calculations. Part A Introduction In this article, we will examine the pros and cons of various company formats, such as partnerships and sole proprietorships. In addition, the report's development process will include a

discussion of the five essential phases for each startup to achieve success. Everything that can be discussed will be included in the report. Expressing the term sole trading business Source: This sort of business entity is owned, controlled, and operated by a single person, who has unlimited responsibility for its actions. Analyzing the benefits of being a sole proprietor by forming a new company or organisation under the law Since a sole proprietor doesn't need to register their corporation with the state, they can get to work right away. Considering that the company's owners are also its employees, it makes perfect sense. There are very few shareholders and directors in the company, so the owners control the company completely. Important decisions are entirely under the trader's control. Some of the drawbacks of being a lone proprietor are listed below. The owner's responsibility for the company's debts and damages is infinite. Banks and other lending organisations are hesitant to provide financial assistance to sole proprietorships, limiting the business owner's access to capital. Discussing the concept of a partnership business Source: A partnership is a formal arrangement between two or more people in which they agree to share managerial and other commercial responsibilities. Additionally, the profit-sharing ratio established by the corporate corporation is used to allocate earnings.

Partnerships have many advantages For a variety of reasons, including those having to do with the law and money, risk and operations businesses are exempt from filing corporation tax returns, and the accounting process is less formal and more clear. The partners don't need to register with any authorities or legal bodies, and the business is easy to manage due of the flexibility with which all of the firm's required work can be divided up. One entity, the Registrar, is in charge of overseeing business operations. Compiling a list of the negative aspects of a partnership. There is a lack of trust in firms run by partnerships, which can be detrimental to their growth and success. Partners is required before any business action can be taken, partnership structures slow down decision making. Explaining in detail the five main stages of launching a company Source: In order to launch a startup, one may take advantage of several first steps. We have mostly covered a few of them in the following section:

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The first step in starting a business is coming up with a viable business plan. A well-thought-out company plan will fail if it is poorly carried out. A business entity must be formed and registered before it can be operated legally. It is during this time that a company's name is selected and registered with the appropriate authorities. The efficiency and effectiveness of a company depends on several moving parts, and one of these is the hiring process. Promoting a business successfully requires having a functional website. One of the primary steps in launching a new business is creating a website. In the final stage, marketing, a company can spread the word about its brand name and run campaigns to raise consumer awareness. This helps customers recognise what sets their items apart from the competition. Part B Presenting the journal entries

Putting the numbers behind the trial balance calculation

Trial balance As at 31 st August, 2021 Advantages of the mentioned term ABC's problem is solved because it can now see all of its debits and credits in a trial balance. It allows the business to analyse both the accuracy and quality of financial records..

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There are a few problems with this phrase. 1. In order for a company to identify faults of any kind, trial balances can't be used. 2. Financial transactions recorded incorrectly will be interpreted by the trial balance if either side has an error. Conclusion According to the findings of the research that was discussed earlier, both sole proprietorships and partnerships have positive and negative aspects to their business structures. In addition, a sizeable number of the activities that must be completed before launching a brand-new enterprise have been mapped out. In addition to this, the journal entries of the relevant company are submitted, and a variety of positives and negatives associated with the situation are evaluated. References Andreou, C., (2022). What is a Sole Trader: Meaning & Definition. [Online] Available at: https://www.goforma.com/self-employed/what-is-a-sole-trader-meaning-definition [Accessed 8 January 2023]. Catalano, T. J., (2022). What Is a Business Partnership?. [Online] Available at: https://www.thebalancemoney.com/what-is-a-business-partnership-398402 [Accessed 9 January 2023]. forbes, (2022). How To Start A Business In 11 Steps (2023 Guide). [Online] Available at: https://www.forbes.com/advisor/business/how-to-start-a-business/ [Accessed 9 January 2023].

Korchak, J., (2021). What is a sole trader?. [Online] Available at: https://www.informdirect.co.uk/business-management/what-is-a-sole-trader/ [Accessed 8 January 2023]. Lip, G., (2022). Partnership. [Online] Available at: https://corporatefinanceinstitute.com/resources/management/partnership/ [Accessed 9 January 2023]. Stowers, J., (2023). How to Start a Business: A Step-by-Step Guide. [Online] Available at: https://www.businessnewsdaily.com/4686-how-to-start-a-business.html [Accessed 9 January 2023].

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