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The Business Partnership
When a proprietor wants to expand a business, one way to
do so is to form a partnership, a business formed for profit by two
or more co-owners. The rights and duties of a partnership are
regulated by laws of the state where it is formed and by a legal
agreement made by the co-owners. Usually an agreement specifies
the amount of money, each is investing and duties each partner
assumes. A partnership agreement also may provide for a «silent
partner» who does not take part in the management, but who
invests money in the business.
The partnership has the advantage of pooling managerial
talent. One partner may be qualified in production, another in
marketing. The partnership has a favourable tax position when
compared with the corporation. Federal taxes are paid by individual
partners on their share of earnings, beyond that the business is
not taxed.
A major disadvantage of the partnership is that each member
is liable for all debts of the partnership; the act of any partner
is legally binding upon the others. For example, if one partner
takes a large sum of money from the business and wastes it, the
others must pay the debt. Partnership has another disadvantage:
decision-making is shared. If partners have serious disagreements,
the business is failed. Nevertheless, the partnership remains a vital
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