Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Advantage and disadvantage of partnership
Partnership working advantages and disadvantages
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Advantage and disadvantage of partnership
According to Mary Hanson (1998) no agreements are required to form a partnership, but if preferred you may write an agreement up. The most convincing idea of a partnership is the ease that a partnership may be created and handled. Within a partnership registration with the state and fees are not needed, as they would be within an established business or a limited liability company (LLC). Within a partnership taxes are done easier as there are no taxes on the “partnership” rather only the partners, so there is no reason to file separate tax returns for the business and the owners (All Business, 2012). Benefits of partnerships are also that the “partners” are free to establish their own set of rules and the obligations each partner has to do to keep the business running; whereas, an established corporation or LLC, there is a set of rules the state has established for the company to abide by.
Partnerships may also be risky. The actions of one partner could affect the stability of the partnership. The best means of a partnership is to have a written agreement of the obligations each partner has to fulfill to keep the company up and to determine what shares each partner owns within the company. One other down fall in a partnership is that any lawsuits or debts against the company will fall to the partner themselves; therefore, each partner is financially responsible for his or her share of the business debt (All Business, 2012). Partnerships also are restrained to how much money could be raised and how much the attract investors. When establishing a business a partnership may not be the best way to go. A more beneficial business structure may be to either have a sole proprietorship if no partner is needed or if partnership is needed ...
... middle of paper ...
...NERSHIP: The Pros and Cons. Retrieved 2012, from bizadvisor: http://bizadvisor.com/PartnershipProsandCons.htm
Investopedia . (2012). Managerial Accounting. Retrieved 2012, from Investopedia: http://www.investopedia.com/terms/m/managerialaccounting.asp#axzz1vmqtRLNS
Lake, L. (2012). Developing Your Marketing Mix. Retrieved 2012, from About: http://marketing.about.com/od/marketingplanandstrategy/a/marketingmix.htm
McCracken, G. (2010, January 7). How Ford Got Social Marketing Right. Retrieved 2012, from Harvard Business Review: http://blogs.hbr.org/cs/2010/01/ford_recently_wrapped_the_firs.html
McGowan, K. &. (2012). Business (Vol. 4). Cengage Learning.
Startup Nation. (2012). Financing Options for a Small Business: Finding the Right Funding. Retrieved 2012, from Startupnation: http://www.startupnation.com/business-articles/890/1/AT_FindingFundingThatsRight.asp
Partnership – “A legal entity formed by two or more co-owners to operate a business for profit.” (Longenecker, Petty, Palich, Hoy, Pg. 202) In a partnership, the advantage for the owners is the capability to reduce the workload and the financial burden, especially if each partner has management skills that enhances the business. The disadvantages of a partnership such as personal conflicts and leadership expectations, therefore this organizational form should only be chosen once all other options have been considered.
Aside from the loan programs mentioned above, there are many others available for prospective entrepreneurs. As the country 's economy slowly rises out of the shadows of recession, this is exactly the kind of assistance small businesses need to succeed and prosper. Now, which types of SBA financing programs appeal most to your entrepreneurial preference?
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
What major technology change has had the greatest impact on the quality of your life?
Social marketing is in the growth phase of its product life cycle. It came into prominence with the family planning promotions of the 1960s. It was mentioned in the works of Kotler and Levy (1969) and Kotler and Zaltman (1971). It gained acceptance over the years and currently, it is taught at many business schools and conferences and seminars regarding the same are regularly held the world over. It has become a major vehicle in the process of promoting various health and safety issues that affect society such as smoking in public, immunization of children, wearing of seat belts and driving under the speed limit, AIDS awareness programs, education of the girl child, etc.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
The other two LLC members are my closest friends, Felicia and Pam. Felicia is my best friend. She and I met almost 20 years ago, both working part-time in the evenings at a bank decoding checks. Felicia is truly devoted and has demonstrated as much by visiting me in every country and state I’ve been stationed while serving in the military, with the exception of two. She has a background working with grants at a university and is fully aware that she can talk a lot. Felicia will be most useful in managing the business, in the sense of working with healthcare insurance companies and government agencies on contracts and negotiations. Pam is another good girlfriend, whom I met while stationed in Germany in 2002. She has a Master’s degree
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
According to s.1 Partnership Act 1890, a partnership is "the relation which subsists between partners carrying on a business in common with a view to profit". The creation of a Partnership can be done verbally. In most partnerships, however, partners prepare a written agreement referred to as Articles of Partnership, Partnership Deed or Partnership Agreement. The agreement concluded between partners determines the rights and obligations of each associate as well as how the partnership is going to work. In addition, the agreement can be altered through a mutual understanding of all partners at any time. Also in case of partnership there is no separate legal existence and partners are equally liable for any debts. It is, however, important to indicate that Partnerships in Scotland differ from the rest of UK and are legal entities so partners can sue and be sued in the firm’s name (HMRC, 2014). There are three types of Partnership: ‘Ordinary’ Business Partnership, Limited Partnership and Limited Liability Partnership. In the Limited Liability Partnership (LLP) the associates are not personally liable for debts of the firm whereas in the Limited Partnership the liability is unequally divided by its partners who only pay up to the amount they initially invested in the partnership (GOV.UK, 2014).
After purchasing the day spa, the first order of business was to create a partnership agreement between myself and my partner. After coming to a consensus on the terms, we met with an attorney who formalized our agreement and incorporated our business. We decided to incorporate so we would not be liable to pay the debts of the corporation if were to be involved in any litigation.
With regard to creation, partnership must reflect three elements related to “carrying on business”, “in common”, and “with a view of profit”. If one of these elements is missing, the relationship is not one of partnership.
Research on the Sources of Finance for a Business Firms sometimes need to raise finance for Working Capital and Capital Expenditure. Explain what each is and give examples. · Working Capital (or Revenue Expenditure) The working capital is made up of the current assets net of the current liabilities. It is vital to a business to have sufficient working capital to meet all its requirements. Many businesses have gone under, not because they were unprofitable, but because they suffered from shortages of working capital.
Partnership is the relationship that exists between persons carrying on a business in common with a view to profit. It involves an agreement between two or more parties to enter into legally binding relationship
A little bit more work needed to be done on the second bullet point in
Compensation will vary depending on the industry in which you work, as well as the specific responsibilities and required knowledge and experience of your job. Following are some sample salary ranges for biz dev functions in various industries: