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Business strategy
Disadvantages of partnership.
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[QUOTE="Caramelle, post: 209650, member: 150"] [JUSTIFY]All forms of business have their advantages and disadvantages. Compared to a sole proprietorship, a partnership business has more access to resources through the capital contributions of several partners or through third-party liabilities. However, since a partnership is founded on mutual agreement between two or more people, it is a volatile organization that can be easily dissolved with mere disagreement or incapacity or death of one of the partners. Given the extent of liability one partner may have over the actions of another partner in a general partnership, one must give consideration to the personality and background of a potential partner before entering into a partnership. The basic rule is to form a partnership with a person you can trust and has the financial capability to start a business himself. Should the partnership suffer bankruptcy and losses, both of you can share in the payments of debts to third parties. [/JUSTIFY] [/QUOTE]
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