Partnerships, Small Business Funding Options, And Marketing
Partnership as a Form of Ownership: Pros and Cons
In the words of Pride, Hughes and Kapoor (2011), "the U.S. Uniform Partnership Act defines a partnership as a voluntary association of two or more persons to act as co-owners of a business for profit." This form of business ownership has distinct advantages and disadvantages. When it comes to the advantages, it is important to note that unlike most other forms of ownership; i.e. A limited liability company, the establishment of a partnership is regarded relatively easy. Indeed, according to Pride, Hughes and Kapoor (2011), the registration of the business name and securing the relevant permits and licenses are in most cases the only regal requirements for setting up a partnership.
Next, it should also be noted that unlike a sole proprietorship form of ownership, it is much easier to raise funds in a partnership as there are several owners involved. As Pride, Hughes and Kapoor (2011) point out, "this additional capital, coupled with the general partners' unlimited liability, can form the basis for a better credit rating." Third, a partnership could in the long-term benefit from the complimentary skills of its owners. For instance, according to Pride, Hughes and Kapoor (2011), one partner's expertise in an area such as manufacturing could effectively offset another partner's weakness in the same area.
Partnerships also tend to have a number of distinct disadvantages. Sharing of profits according to Gitman and McDaniel (2008) remains one of the main disadvantages of this form of ownership. It is also important to note that unlike is the case in a sole proprietorship, disagreements could easily occur in this case as decisions are typically shared. Indeed, the successful...
Small Business Uncovering Critical Success Factors for Starting a Small Business Venture Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals embark upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful
Business Pros and Cons of Partnership as a form of business Partnership is a form of business where one or more individuals come together for the realization of a common economic goal. As with other forms of businesses, there are numerous pros and cons that come with it. One of the primary advantages is the pooling of resources that can be used for the achievement of the common goal. These common resources
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