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

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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.

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