Partnership - 686 Words

Camisha Booker CA-156: Computerized Accounting 11 Partnership vs Sole Proprietorship March 11, 2014 Thinking about starting your own business? Do you prefer to work alone? Or do you prefer to work with a partner? If you choose to work with a partner then the best business structure for you would be the partnership structure. First you must ask yourself; do we have the same vision or objectives on how to run the business? Are we able to communicate well with each other? Most important question of all, do you trust this individual? If two of these three questions is no then maybe the partnership structure isn’t for you and you should set the business up as a sole proprietorship. The partnership business structure allows two or†¦show more content†¦Having discretionary time, more contacts, support and motivation is a big plus when starting a business. The right partnership has these qualities. When one needs time to spend with family and friends or even just to get the most important things dealing with the business done, having a partner is a good ideal because days or weeks can be rotated among the two. By bringing on a partner, you acquire a new network of contacts and potential customers. If one partner was to died or become physical impaired while in the partnership agreement the other partner can take over the business completely or choose to sell the other partner’s half of the business (Price, 2012). With sole proprietorship if the owner becomes impaired or dies the business can result in termination because there is no one to take over the business (LaMance, 2013) If you are a team player, I say go for the partnership, but talk things over with your potential partner before making any decisions. Now if you choose to go in it alone with the sole proprietorship keep in mind that some investors think businesses started under the sole proprietorship are less professional than any other structure that consist of two or more people. Works Cited Partnership: Pros and Cons. (2014). Retrieved from Boundless:Show MoreRelatedPartnership And Participation : Partnership1230 Words   |  5 PagesPartnership and Participation In recent years, development focuses have shifted from leaving the power in the hands of multilateral organizations to distributing the power to a range of actors. The idea that the government has the ultimate knowledge and power an out-dated (CCIC, 1). Partnerships and participation refer to the stakeholders in decision-making for projects and development and how they interact. These strategies ensure that every one has a voice in decision-making and the projectRead MoreLimited Partnership : A Partnership1837 Words   |  8 Pages Limited partnership Description An LP is a form of partnership that has two types of partners: a general partner and limited partners. There has to be at least one general partner and at least one limited partner in every LP. The general partner manages the operation of the LP. In addition, general partners are personally responsible for the liabilities of the LP. Two Advantages Limited liability for the limited partners in a limited partnership. These partners can contribute the capital inRead MoreLimited Partnership : A Partnership1128 Words   |  5 PagesLimited Partnership A limited partnership is similar to a general partnership. It does have several key differences. While a general partnership has to have at least 2 general partners a limited partnership has to have at least 1 general partner and 1 limited partner. 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Joey may also exchange his interest for corporate stock, give the interestRead MorePartnership Act17725 Words   |  71 PagesIBS Gurgaon A PROJECT REPORT ON The Partnership Act 1932 amp; Its Registration. SUBMITTED ON:- SUBMITTED TO:- 9TH January,2012 PROF. UPDESH SINGH SACHDEVA MONDAY. BY:- ABHISHEK ANAND. 11BSP0010 SECTION- â€Å"A† TABLE OF CONTENTS. TOPIC Read MoreWork In Partnership1797 Words   |  8 Pagesï » ¿ Work in partnership in health and social care 1.1 Identify the features of effective partnership working. A partnership is an arrangement between two or more groups, organizations or individuals to work together to achieve common aims. Features of this are that; All the parties involved have some sort of personal stake in the partnership; All the partners are working towards a common aim; The partners have a similar ethos or system of beliefs; The partners work together over a reasonable periodRead MorePartnership Between General Partnership And A Limited Partnership867 Words   |  4 Pagesistinguish between general partnership and a limited partnership. General Partnership: is a business formed by one or more partners, who equally share profits and liabilities for the company. This type of partnership is created by agreement, estoppel, and proof of existence. The partners or owners are all personally liable for any debts and legal actions that the business may face. In a general partnership all partners have the ability to actively control or manage the partnership. Ultimately, each partnersRead MoreBenefits Of A Limited Partnership1538 Words   |  7 Pages Limited partnership Description A Limited Partnership is made out of one or more broad partners and one or more constrained partners. The general partners deal with the business and share completely in its profits and misfortunes. Constrained partners partake in the profits of the business, yet their misfortunes are restricted to the degree of their venture. Constrained partners are normally not included in the everyday operations of the business. Two Advantages Being a limited partner limits