Investigating business ideas
I have chosen the corner shop, but then when I earn enough money, I would turn the simple shop into a supermarket. The reason I chose this over the others is because the rest would need too much work and money going into the business at once. Whereas with this business I canHere are a few definitions of a partnership:
* In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested.
* A business organization in which two or more persons agree to do business together.
* A business owned by two or more individuals each of whom is legally responsible for the total liabilities of the business, unless the partnership is limited.
* A legal relationship existing between two or more persons contractually associated as joint principals in a business
* Two or more people, who are personally liable for all business debts and obligations, own a partnership. A general partnership can come into existence without the need to file any formal papers with any state official. Advantages of partnerships:
* Partnerships are relatively easy to establish; however time should be invested in developing the partnership agreement.
* With more than one owner, the ability to raise funds – Debt vs Equity may be increased.
* The profits from the business flow directly through to the partners’ personal tax returns.
* Prospective employees may be attracted to the business if given the incentive to become a partner.
* The business usually will benefit from partners who have complementary skills. start off small then build up gradually becoming more and more known and international.