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12 8 08
 

12 8 08

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    12 8 08 12 8 08 Presentation Transcript

    • AIM: The students will be able to explain a partnership and different types of partnerships. Do Now: What are 2 advantages and 2 disadvantages of a sole proprietorship?
    • Partnership
      • An association of two or more people who co-own a business for the purpose of making a profit.
      • Always wise to create a partnership agreement.
      • Best partnerships are built on trust and respect.
    • General Partner
      • A participant in a partnership who has unlimited personal liability and takes full responsibility for managing the business.
    • Advantages of Partnership
      • Easy to establish
      • Complementary skills of partners
      • Division of profits
      • Larger pool of capital
      • Ability to attract limited partners
    • Disadvantages of the Partnership
      • Unlimited liability of at least one partner
      • Capital accumulation
      • Difficulty in disposing of partnership interest
      • Lack of continuity
      • Potential for personality and authority conflicts
      • Partners bound by law of agency
    • Liability Features of the Basic Forms of Ownership Partnership Claims of Partnership’s Creditors Partnership’s Assets General Partner’s Personal Assets General Partner’s Personal Assets
    • Limited Partnership
      • A partnership composed of at least one general partner and one or more limited partners.
      • General partner in this partnership is treated exactly as in a general partnership.
      • Limited partner has limited liability and is treated as an investor in the business.
    • Making a Partnership Work
      • Share business Responsibilities.
      • Put things in writing
      • Be honest about how the business is doing.