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Legal forms of business
Essay specific features
Written by:
Jose D
Date added:
January 9, 2017
Level:
University
Grade:
C
No of pages / words:
3 / 685
Was viewed:
2249 times
Rating of current essay:
Essay content:
All partners have a certain amount of control within the business, but some have more than others do.
Advantages of a Partnership
? There are no legal formalities to complete when setting up
? Each partner can specialise in the tasks they do best
? More finance can be raised than if the firm was a sole trader
? Partners can share the workload
? Since the type of business is larger than a sole trader it is in a s stronger position to raise more money from outside the business
Disadvantages of a Partnership
? The individual partners have unlimited liability
? Profits have to be shared amongst more owners
? There may be conflicts of interest amongst partners
? The size is limited to a maximum of 20 partners
? The partnership ends when a partner dies
? Any decisions made by one partner is legally binding on all partners
Examples
Partnerships are often found in accountants, doctors, estate agents, solicitors, and veterinary surgeons...
displayed 300 characters
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All partners have a certain amount of control within the business, but some have more than others do.
Advantages of a Partnership
? There are no legal formalities to complete when setting up
? Each partner can specialise in the tasks they do best
? More finance can be raised than if the firm was a sole trader
? Partners can share the workload
? Since the type of business is larger than a sole trader it is in a s stronger position to raise more money from outside the business
Disadvantages of a Partnership
? The individual partners have unlimited liability
? Profits have to be shared amongst more owners
? There may be conflicts of interest amongst partners
? The size is limited to a maximum of 20 partners
? The partnership ends when a partner dies
? Any decisions made by one partner is legally binding on all partners
Examples
Partnerships are often found in accountants, doctors, estate agents, solicitors, and veterinary surgeons...
displayed 300 characters
General issues of this essay:
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