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Partnership Business

Transcript: PARTNERSHIP BUSINESS Shahriar Mohammad Tanveer Presented by INTRODUCTION A legal form of business operation between two or more individuals who share management and profits. INTRODUCTION Partnership Types Types of Partnership General Partnership Limited Partnership Limited Liability Partnership General Partnership Equal share of the business. All partners are liable for any mistakes. Economic responsibility is based of contribution to the startup. Economic benefit based on contribution to startup. Limited Partnership One general partner with unlimited personal liability. Other partners only contributes to funding. In case of a failure, limited partners only loses their initial investment. If the business succeeds, limited partners share profits. Limited Liability Partnership All partners are limited partners. All involved have limited liability. All partners has influence on business decisions. Advantages Advantages General General Easy to get started. Privacy. Decision Making Access to knowledge, skills, experience and contacts. Better decision-making. Decision Making Financial Financial Sharing the burden. More partners, more capital. Disadvantages Disadvantages Potential for differences and conflict. Slower, more difficult decision making. Profits must be shared. Unlimited Liability. Partnership Business in Bangladesh Partnership Business in Bangladesh Source : Number of partnership firms in comparison to joint stock companies

Partnership Business

Transcript: Maryam, Vanesha, Jagdeep, Razia, Nicholas Partnership Business - a business run by two or more people General Partnership Limited Partnership Typical Partnership Our Partnership Examples of Canadian Partnerships -Register the name with a appropriate authorities such as city hall or local chamber of commerce - Therefore some lawyers have partnerships to serve a wider client base - All partners have unlimited liability for business debts - choose a business name for your partnership - Adv. not a lot filing which results in less annual filing fees - decide who will be in charge of signing documents and making large decisions Step 3 - Destiny's Weddings - Put everything in writing -Disadv. partners might have a disagreement which may lead to a failed business Thanks for watching! :) - Disadv. general partnerships dissolve if one of the partners dies, retires or withdraws - choose a business name that helps create an image you can use in all documents (logos) - consider all the pros and cons - Adv; partners can leave or be replaced without ruining the business - Disadv. partners would have a limited role in managing the company - Disadv. it might be hard to find a suitable partner that you can work with - A2Z Construction (renovators) - decide on the legalities including the rights and obligations of every partner Step 1 - Brooks Barrister and Solicitors (law) - make sure everybody understands their position and duties before signing anything - A wedding planning business - decide in advance which partners will hire employees - 5 partners - Lawyers specialize in different areas of law such as civil, divorce, real estate, corporate and family - Adv. partners share responsibilities and lighten the workload - hire a lawyer to make a contract - Girlfriends (salon) Step 5 - you might be required to file for permits or licenses for your company Step 2 Step 4 - when partners are only responsible for paying back the amount they invested - Adv. partners have a lot of flexibility in their work hours and vacation timings - Adv. businesses that have partners with different talents are very successful - Disadv. partners need to able to trust eachother, if trust is broken then it could end in a failed business

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