About Partnership

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Freshman (College 1st year) ・Business ・APA ・1 Sources

An alliance takes place if two or more people have a company together. They get a fair share of realized gains and losses suffered. In this type of business arrangement, each partner contributes, among other considerations, to money, ideas and land (Clifford & Warner, 2012). Small or large enterprises may be part of the alliance arrangement. Often law firms and accounting firms work in this type of industry. The arrangement entered into to recognize the relationship can be oral or written (Clifford & Warner, 2012). It is advisable, though, to put everything on paper, including specifics of possession. There are different types of partnerships with each characterized by different features. There are three major types of partnership with each characterized by different features.

There are three major types of partnership which include general and limited. In the first one, any partner can tie the entire business to a legal obligation. Each partner takes full responsibility for debts incurred by the firm. Additionally, any wrongful act committed by one partner is a liability to all of them. For limited partners,they can restrict their personal liability to the extent of their investment in the business (Clifford & Warner, 2012). However, one partner must accept general partnership such that they expose themselves to the arrears and responsibilities of the business. The general partner has the right to govern the firm while the others take part in management operations. Limited liability partners are not personally answerable to the commitments and debts of the company (Clifford & Warner, 2012). They are also not accountable for the wrongdoing of other partners. A partnership is easy to form, transfer ownership, manage and can include a large number of partners. Though the fewer the partners, the easier it is to run the business. Also, it is a process to transfer possession, and it requires approval from the existing partners (Clifford & Warner, 2012). In the running of the firm, most partners take part in the decision making process and the day-to-day operations.

Reference

Clifford, D., & Warner, R. (2012). Form a partnership: The complete legal guide (9th ed.). Berkeley, CA: Nolo Publishing Company.

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