Partnerships in business
A person wants to start a new business, they will need to consider what type of business is right for them. The simplest form of business is a sole proprietorship: A business owned and operated by one individual. A sole proprietorship is uncomplicated to setup. It involves little paperwork, and has few legal fees. If a businessperson decides that they cannot start a business alone, they may wish to set up their business as a partnership. A partnership, in most cases, is a business with two or more people carrying out the day-to-day activities involved in the business; the law does not set a limit on how many people can be involved in a partnership. Like a sole proprietorship, a partnership has limited liability: business debts will be paid with seized assets of the owner when money is not available. Although liability between the two types of business is similar, the structuring is quite different. When starting a new small business people must make a variety of difficult decisions one of which is trying to decide which type business structure will do the job best. It is essential t
Partnerships and sole proprietorships are two similar yet different types of business. However, a partnership may be the worse of the two because of the general partnership, which is how most partnerships run, the business person being able to be held liable for all the other partners actions is a huge downfall, due to the fact that you could not be aware of other partners decisions. In a sole proprietorship you work alone, which is a huge advantage in the sense that you are always aware of al the actions taking place in the business and you can be assured you don’t have to worry about partners making bad decisions behind your back.
o have an overview of the structure in both of these types of businesses.
Some topics in this essay:
Corporation, Types Of Companies, Partnership, Business Law, Types Of Business Entity, Limited Partnership, Limited Liability Partnership, Legal Entities,
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