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Problems one need to know before setting up a partnership
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[QUOTE="Richee84, post: 279338, member: 42448"] Partnership form of business have certain problems that can not be avoided but only manage and it is better to be aware of the kind of problem it has before going into it fully. Disagreement and misunderstanding will come or happen to partners during the course of doing their business together. Partners must have it at the back of their mind that misunderstanding will definitely come and so therefore they should try to have a written partnership deed that will help them resolved most of the disagreement. Partnership deed is a document written and to be sign by all partners after spelling it out in the partnership deed how the business should be run and the apportionment of both capital and profit to each partner. The ratio of capital contributed by each partner and to the profit that each partner will be collecting. How the company will be manage and run on a daily basis and the role of every partners will be spell out in the partnership deed to avoid future unnecessary argument on it. Delay in decision making is one of the attribute of a partnership. Since all partners know that to reach and take decision usually use to be delay then they can find a way to hasten there decision making. [/QUOTE]
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Problems one need to know before setting up a partnership
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