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Partnership business

Nurudeen

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The most important thing to do if you want to partner into a business with someone is to open a legal form with your partner. Partnership can go wrong in most cases and the best way to curb that is to have a legal tender at hand to simplify the Business and percentage per share just incase both parties wants to go their separate ways.
 

Highflyer

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A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners have limited liability.
 

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Partnership business has it advantages and disadvantages, but it's advantages are on the high side, if you partner with someone you know, like a friend or a family.
But the disadvantages are quite perilous, as your partner might be a slack off.
And also, if there's no trust and understanding, problems might arise when it comes to decision making.
 

Trexxxy

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Well going into partnerships definitely has its perks and disadvantages. I think one of the major advantage of partnerships is you alone don't have to put up the funds for the business, also some adminstrative duties are shared equally.
 

Adegbindin Abdullahi

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Partnership business is a good business to go into because there is a saying that 2 heads are better than 1 but it has and disadvantages. Advantage include the business is easy to establish and start-up cost are low while disadvantage is that the members is exposed to unlimited liabilities for their activities within the business
 

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There are lots of advantages of partnership businesses they include
1. More capital for invest, with partnership more capitals can be realised between the partners to keep business going
2. Is better decision making
 

kayode10

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Pertnership business is also known as joint venture. Pertnership allows people with different resources to come together and form a business entity. Pertnership allows your partner to have a stake in the company in order to share profits in the right other. One of the disadvantages of pertnership is that it does not allow quick decision making.
 

Khezo

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Well going into partnerships definitely has its perks and disadvantages. I think one of the major advantage of partnerships is you alone don't have to put up the funds for the business, also some adminstrative duties are shared equally.
Exactly, the funds becomes more because the members would be able to contribute for the successful production of the business and also better decision making as the members would be able to discuss and view points from different angles
 

Abibatabosede

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Partnership is a business that need to be done with a person that is honest, sincere and you share the same interest one of the advantages of partnership is that it involve a joint decision making and the disadvantage is that there is low privacy in the business.
 

Kaindio Agnes Wanja

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Am planning on going into partnership business but i want to know what it entails before going into it. Like the advantages and disadvantages
Well,partnership business is a good one if you are not in a position to start and run a soleproprietorship.
The advantage of partnership is that incase of loss in the business you won't feel it alone where you will share the losses together and the opposite is true.
Before venturing in partnership you should be knowing the person well and you should sighn necessary documents
 

Erik4150

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Partnership business is very good. It is a necessity when there is not enough capital or the business is too big for one person.
But there are a lot of factors to consider, for instance in a partnership business you don't get to make decisions on your own. Two or more partners have to agree all the time and have interests that align or else business will not progress.
This is the biggest disadvantage of partnership but there are advantages too. The burden of business management which is carried by a sole entrepreneur is always made lighter and easier when there is partnership.
 

Ralphjoe

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Partnership is a good form of business over a sole proprietorship kind of business in so many ramifications some of the are as follows
1. High capital pool
Partnership allows two people to pull their resources together rather than just one person's resources.

2. Bigger profits
When two people comes together to start up business, they come with larger resources than when it is one person, that can translate to more profit than sole proprietorship business.

One disadvantage of partnership is the slowness to take decisions as both partners will have to agree to be able to take decisions unlike some proprietorship where the owner can take decisions by himself quickly.
 

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Partnership business is actually a good business idea, there is a saying that ' two heads are better than one'. Partners can actually share different ideas to the growth of a business. But sometimes, a partner might also ruin a business with characters
 

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My first question is why would you take a business partner for a start up, what is your main reason. My second question is what kind of business are you thinking for a start up? The best answer to the first question is the expertise of the partner that you need then that is a valid reason. For capitalization it would be better to just be a single proprietorship and try to find financiers who would invest in your business. It is important that you have the full control of your business.
 

Adeyoola7

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partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners have limited liability.
 

Farhan Aslam

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Am planning on going into partnership business but i want to know what it entails before going into it. Like the advantages and disadvantages
There are advantages and disadvantages to doing business with someone on a partnership. If we talk about benefits, the biggest advantage is that you can easily expand your business. If two people are watching the same work, more attention can be paid to it.But if we talk about losses, the biggest loss is that in a short period of time, there is a rift between your partner in terms of money transactions.
One of the most important steps you can take to begin the process is to explain the details.
 

Rollerkid

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The most important thing to do if you want to partner into a business with someone is to open a legal form with your partner. Partnership can go wrong in most cases and the best way to curb that is to have a legal tender at hand to simplify the Business and percentage per share just incase both parties wants to go their separate ways.
I definitely agree with you. Even with the legal documents been filled, some people still want to go beyond it and cheat on their partners which really bad. In some cases, they might even want to break the agreement by stealing the documents and therefore continues with their wrong acts. Partnership is really good but very bad when you choose the wrong person.
 

Sariana23

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The advantage that can exist in the association is that everything that has to do with it is shared, the workload, capital investment, decision-making, etc. Among the disadvantages may be the competition for command and the distrust that always appears. To avoid future complications, there must be agreements and conditions before a legal person.
 

Donkiz

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Partnership business is a good way of pulling funds, ideas and experience together to start up a business. A partnership business between two people of like minds has a higher chance of not collapsing than sole proprietor business. One of the downside of partnership business is the issue of profit sharing formula, and that usually causes separation.
 

Abiodun omolayo

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Partnership business is very very cool and has a whole lot of benefit attached to it as it gives each one of the partners a sense of responsibility and care of each other. But as well as they are advantages to it.there is also a ton of disadvantages to partnership business. Sometimes agreement occurs and before you know it the business is packed up.
 
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