• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Partnership. Being in a partnership has its good and bad points.

Extracts from this document...


Partnership Compulearn is a partnership. It is owned and set up by Mr Aman Chandhok and Mr Manoj Bhandari which means the both of them have unlimited Liability, i.e. Loss of their personal assets in case the business becomes insolvent. In this section, I will be discussing then advantages and disadvantages of being in a partnership. Advantages * Easy to set up - partnerships are easy to set up. Two or more people can start in business as partners with few legal documents. Many partnerships draw up a deed of partnership. * Easy to run - partnerships are easy to operate. Accountants and solicitors don't have to be employed. In practice partnerships may use an accountant to keep their books for tax purposes. A solicitor may also be needed to draw up a deed of partnership. This is not true of limited liability partnerships. these partnerships may be complex to run as a company. For instance, accounts have to be audited by an independent accounting firm and sent to the Registrar of Companies. ...read more.


Only the Inland Revenue and customs and excise have the right to se the accounts. * Labour relations - Partnerships tend to be larger that sole proprietorships. More people usually employed. Even so, many partnerships remain small. So relations between employees and partners are likely to be good * Flexibility - like sole traders, partners often have more flexibility about when and how they work than employees. The may have to liaise with their partners, thought, if they want to take a day off to take care of children, for instance . * Professionalism - partnerships are the accepted for of organisation in business like doctors, accountants and lawyers. In these professions, there is a great deal of expertise about how to run the business successfully. Disadvantages of partnerships * Liability - Partners in ordinary partnerships have unlimited liability. This is a risk for partners. One partner may run up a large bill without the knowledge of others. ...read more.


This could allow the business to attract a better partner. A problem in family partnerships is that parents may run a successful business, but their children do not want to take it over. they may be forced to close the business when they retire. Conclusion Being in a partnership has its good and bad points. One of the bad points I will have to face is a lack of deed of partnership which means that the partnerships are not set up with a deed, this could lead to a splitting of the partnership. I am prepared to face these problems and I will handle them properly. In business you will always have to face risks but you will just have to deal with it, but on the other hand being in a partnership has its advantages for example in a sole proprietorship there is not another partner that specializes in different fields which will not help the business where as in a partnership another partner may have a different skill and this can be used to help the business by giving more courses. ?? ?? ?? ?? Aman Chandhok Business Coursework ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Business, Companies and Organisation, Activity essays

  1. Business Studies Edexcel Coursework

    This is why Errol should also make sufficient use of open questions, where people are able to answer in their own words. Although the quality and value of the questionnaire response is increased by these individual opinions, it is more time-consuming and difficult to analyse.

  2. Business Studies

    data analysis and interpretation Determining information needs > Firstly determines what information is needed - then determine the most appropriate research methods Data collection - primary and secondary Primary data - collected for the specific purpose for which it will be used Secondary - previously gathered for another purpose Primary

  1. Legally the brothers could now be a partnership emphasised by Jessel MR in Pooley ...

    However there is no legal necessity for this. All the law requires is an agreement, which can be oral, implied, written or even, arise by estoppel, sec 14 of the Partnership Act. As it is not stated that any other agreement has been reached Stan and Bill would share equally

  2. Describe the Limited Liability Partnership and explain the emergence of this new legal form ...

    There was no such requirement in a partnership. The main advantage of an LLP over a partnership is that it has limited liability. Each member's liability is limited to an amount that each agrees to pay in the event of insolvency.

  1. The Effects of Non-monetary Incentives on Employees

    t? b? infl?t?d. F?r ?x?mpl?, r????rch ?n m?tiv?t?d r????ning h?? f?und th?t p??pl? t?nd t? im?gin? b??t-c??? ?c?n?ri?? wh?n im?gining th? c?n?umpti?n utility ?f ? h?d?nic r?w?rd (Kund?, 1990). Thi? m??n? th?t th?ught? ?b?ut ? trip t? H?w?ii will b?

  2. Functional Areas

    E.g. chip fryers, microwaves etc. They would also need equipment for there offices such as computers, photocopies, printers etc. computers are also needed to store McDonalds financial statements. o People: Supervisors: These are needed in McDonalds to tell the people what there targets are for the day.

  1. English for business

    It enables to: plan the future, look at individual performance, discuss and plan training and development needs, contribute to company career planning, salary planning and job progression, evaluate the efficiency of past targets and goals, establish priorities, identify, assess, solve problems, look at resourceful needs.

  2. Business studies - Business Plan

    There may be times in which I am short on supplies and delivery is late depending what the kind of delivery system I plan to use for my business so there is the fear that I may not have the stock to sell to cover the losses for that month

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work