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Investigating business ideas Essay

I have chosen the corner shop, but then when I earn enough money, I would turn the simple shop into a supermarket. The reason I chose this over the others is because the rest would need too much work and money going into the business at once. Whereas with this business I canHere are a few definitions of a partnership:

* In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested.

* A business organization in which two or more persons agree to do business together.

* A business owned by two or more individuals each of whom is legally responsible for the total liabilities of the business, unless the partnership is limited.

* A legal relationship existing between two or more persons contractually associated as joint principals in a business

* Two or more people, who are personally liable for all business debts and obligations, own a partnership. A general partnership can come into existence without the need to file any formal papers with any state official. Advantages of partnerships:

* Partnerships are relatively easy to establish; however time should be invested

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in developing the partnership agreement.

* With more than one owner, the ability to raise funds – Debt vs Equity may be increased.

* The profits from the business flow directly through to the partners’ personal tax returns.

* Prospective employees may be attracted to the business if given the incentive to become a partner.

* The business usually will benefit from partners who have complementary skills. start off small then build up gradually becoming more and more known and international.

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