Partnership

Partnership Definition


  

   A partnership is a partnership that is profitable and co-operates in some business.They will be for this order with the partnership agreement, agreed to each partner pay capital, labor contribution, charge compensation amount, borrow rate, ratio of the allocation of profits and losses and other terms.In some areas, professionals such as doctors, lawyers, accountants, architects, not to offer co., LTD., the way of operation, so are the ways of the partnership's practice. There is a risk of joint liability between their partners.


                         Partnership's History

  Continental law system "(Civil law,) of some similar to the" close enterprise "joint venture", is the organic combination of function capitalist enterprise form together. Similar to Japan's enterprises "holding company" in the states of the early 19th century and early 20th century, the UK, according to the Statute law (a Statute, refers to the national legislature, according to the authorization of the constitution, formulate according to certain legislation has the universal validity of law), the imitation of the past "joint venture" form of continental law system, the legal provisions on the import by "unlimited Liability" (general partner) of "ordinary partnership enterprises (general partnership company)" and by the limited responsible (limited partner) consisting of the "limited partnership" (limited partnership company in two kinds of concepts and rules. Then at the end of the 20th century, American states according to the Statute law, the import share unlimited and limited Liability and the "limited Liability partnership" of the debt (limited Liability partnership, also called LLP, belong to one of ordinary partnership form) concepts and rules.

Advantages and Disadvantages

Advantage: 1. Because the enterprise is regarded as the partner's private property, the enterprise gains only need to be taxed once (as a private income).
2.The division of labor between partners is clear
Disadvantages: 1. Because the business is regarded as a partner's private property, the partner needs to take full responsibility for the debts.
2.The decision-making of the enterprise needs to be agreed by the partners who have the same rights.

 Partnership Video

https://www.youtube.com/watch?v=4_NEaGukdoc&t=77s 


评论

  1. Christal2017年5月5日 07:02

    This blog has a good structure. It explains the partnership in detail like definition, history, advantages and disadvantages.

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  2. Cynthia2017年5月5日 07:04

    Your blog is organized, as you divided the history and advantages and disadvantages in different parts. The history part is so interesting and I know the history of partnership and how it became legal :)

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  3. 匿名2017年5月6日 17:31

    Weldon, you need to ensure you only present information that is easily understandable by your classmates. You presented a lot of legal/complicated history, which I would like you to elaborate in class. Try to personalize your blog and do not turn them into an essay!

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