Hello my all dear ❤ friends today i want to tell you a very common and knowledgeable topic that was Partnership..We all know that in which thing we do partnership..it was only one thing"Business"
So let's begin 😉😉..
WHAT IS PARTNERSHIP?
- The relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all.
ADVANTAGES OF PARTNERSHIP
- I was easy to form.
- It can be started by a mutual consult between two peoples.
- It helps in balanced decision making.
- It allows division of work on the basis of each partner's areas of expertise.
- It raises more funds.
- As all partner's invests.
- It reduces the risk of single person.
- All partners bear the risk.
It is always better to share responsibility,it reduces the burden but many times it may lead to confusion and non-performance.Partnership business on one hand allows sharing but on the other hand,it also brings its conflict and difference of opinions.
LIMITATIONS OF PLANNING
- Liability of each partner is unlimited.
- There are limited resources.
- All partners shares responsibility
- But sometimes it leads to conflicts
- As they all are from different background.
- Sometimes there was a risk of mutual understanding.
- There will be a lack of continuity.
Now i want to tell you that how you can start your partnership in registered way and legal way..
- The terms and conditions mutually agreed amongst all partners is called as Partnership Agreement/Deed.
What a partnership deed generally includes?
- Name of firm.
- Nature of business.
- Location of business.
- Duration of business.
- Investment made by each partner.
- Ratio of profit sharing.
- Salaries and withdrawal.
- Terms and conditions.
- Method of solving disputes.
So i want to ask a question with all of you..
Which business is good?
Partnership...or....single person running business.
Give your answers in comment section 👇..
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Yours truly @anmolsingh3006