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Partnership

A partnership occurs when two or more people come together to pool their capital and resources to jointly own and operate a business. The partners will share in the profits and risks of the business. While partnerships allow for more expertise and capital through multiple partners, each partner is fully liable for all debts and obligations of the business, even those caused by other partners. Disagreements between partners can also disrupt business operations. A partnership ends if any single partner declares bankruptcy, resigns, dies or becomes mentally incapacitated.

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36 views2 pages

Partnership

A partnership occurs when two or more people come together to pool their capital and resources to jointly own and operate a business. The partners will share in the profits and risks of the business. While partnerships allow for more expertise and capital through multiple partners, each partner is fully liable for all debts and obligations of the business, even those caused by other partners. Disagreements between partners can also disrupt business operations. A partnership ends if any single partner declares bankruptcy, resigns, dies or becomes mentally incapacitated.

Uploaded by

fatinfatihaamran
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Partnership

A partnership occurs when you decide to pool capital and work together with at least one more person. In this form of business, you and your partners are joint-owners of the business and therefore will share the business profits and risks.

Advantages of Partnership
y Partnership means having more expertise and more resources for capital. y Partnership means business risks can be distributed and shared among partners.

Limitations of Partnership
y All partners carry the same responsibilities. This means that you are liable for risks and debts of the business even if it is caused by the actions of your partners. With unlimited liability, each partner is also liable to use their private resources to meet the partnership's debts. y Disagreements and disputes may occur among partners and this may disrupt business plans or operational efficiency. y A Partnerships lifespan is limited it may end if any one of the partners has mental disorder, falls bankrupt, resigns or dies.

Company

personal initiative, seize opportunities , endurance, information seeker , high work quality, commitment towards work agreement, efficient, Systematic planning, creative problem solving, Self-confidence, assertion, power and authority

inisiatif peribadi, rampas peluang-peluang , ketahanan, pencari maklumat , kualiti karya besar, komitmen ke arah perjanjian kerja, cekap, Perancangan Teratur, penyelesaian masalah kreatif, Keyakinan diri, penegasan, kekuasaan dan kewibawaan
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