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Problems one need to know before setting up a partnership
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[QUOTE="Mastergp, post: 274113, member: 85422"] Many people engage in partnership business in our environment and when we talk of partnership business we see it as a type of business organization in which two to twenty person agree legally to set up and manage a business outfit with the sole aim of making profit. A partnership business may be established without any formality although the partners have certain unavoidable obligations to the third parties, they may make such agreement between themselves in respect of the internal management of the firm. Some the problems include the following: Unlimited liability: The partners are liable for the debts of the partnership business up to the full extent of their estate. Inability to Raise up sufficient capital: Partnership cannot invite the public to raise capital. Members of the public are always afraid to invest because of its unlimited liability. Difficulty in management: Since all partners will want to contribute his own quota, decision-making may be slow and long. Limited growth: The growth of the partnership will be limited to the managerial ability of the partners. [/QUOTE]
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Problems one need to know before setting up a partnership
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