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Review on Debt BlankPartnership Tips
By definition, a partnership is a business with more than one owner. Literally, it is an association of two or more persons who put their money together in order to carry on a certain business. There are two types of partnerships by definition; namely Simple Partnership and Compound Partnership
In Simple Partnerships, the capitals of the persons involved are invested for the same period of time. On the other hand, in Compound Partnerships, the capitals of the partners are invested for different lengths of time, thus, Compound. In this article, we will be looking into the math involved in both Simple and Compound Partnerships and we will be seeing some mathematical examples.
Before we look into the math and examples, how is the partnership entity run? Well In general partnerships, every owner has control over the business. This also means that partners can be held personally liable for business debts and obligations. If a partnership cannot pay a debt, the creditor can obtain a judgment against any partner. If a partner signs a contract that the business cannot honor, the creditor can take action to seize that partners personal assets, such as their land, home, or car. Whatever risks are involved, partnership is the simplest and least expensive co-owned business structure to create and maintain.
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Created on Sep 4th 2012 21:28. Viewed 743 times.
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