Partnership and Corporation: My Thoughts

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In general, my way of perceiving the law has changed by realizing that they were set to protect our general safety. I discerned that they are rules that bind us. The discussions helped me comprehend more that even if someone is ignorant about it, it is not a justified reason to get exempted from what is violated in law. It impacted me to become more responsible for my actions. It also made me realized that it was indeed an intellectual challenge that somehow have helped me become more aware of my actions and responsibilities.

Furthermore, the lessons we had on partnership and corporations had changed my perspective into a clearer picture. I was able to be equipped with the essential things needed in forming these two business organizations. The discussions have changed my perspective by conferring that studying it is a minimum standard of performance. It challenged me to passionately study every rule and essential knowledge, such as a partnership has a separate juridical personality and that it can be dissolved by any of the partners' will as long as the reason for it is acceptable and right. With the influence of accounting on law and vice versa, I perceive that both are reciprocally interconnected. It helped me learn that accounting has a significant impact on the laws of partnerships and corporations, and vice versa.

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I can apply the things I have learned in partnership and corporation in my daily life by using my knowledge to make a better relationship with anyone, especially with my family. Our discussion shows that partnership is based on trust between the partners.

The members must trust each other to facilitate a good communication flow, which leads to efficiency in the operations. As a student, I can apply this virtue in my day-to- day life to achieve group goals and to be able to work better with others. This could be another way of applying it in my life since a good relationship with others is built with trust and confidence, just like in partnership and corporation. With this also, I can continuously improve my relationship with others daily, not just in the matter of business.

Moreover, I found it crucial that proactiveness is needed to ensure control of all elements that constitute a corporation. With this, I can also use this trait to manage life situations efficiently. The more I become proactive in my day-to-day life, the more I will manage to approach life challenges efficiently.

Another thing I have learned is that there are also times when partnerships and corporations are faced with the interference of rejection from possible clients and investors. It implies that when this thing happened, they form a better plan to help them achieve their goals. As a student, I could apply it in my life by learning to take these things as a challenge for me to have a better development of myself, which could definitely lead the way to attain a better outcome.

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For me, the best topic among the lessons discussed is the formation of a partnership. It is exciting and helpful to know that partnership has a separate juridical personality distinct from the owners. I find it interesting because it is like a dream come true for the partners forming the business. As a student who also wants to have partnership business in the future, it thrills me to learn the needed things and requisites such as the contract to form a partnership. This is also exciting because it explains what the partners put by starting the business, knowing the benefits, and the extent of liabilities for each partner, among others.

Another reason is that I could easily apply it to my daily life. Just like in a group project wherein there is an agreement between the members. Though it is not a partnership business, it still makes sense. The group will have a contribution, wherein one or more would contribute money, and the others would be labor. And of course, with the intention to gain good grades. This scenario is not actually a formation of the partnership. Still, the lessons and idea are there, and these ideas are another reason that makes me interested in learning how a partnership is formed.