PARTNERSHIP BUSINESS IN NIGERIA PROBLEM AND PROSPECTS
This project to deal with the problem and prospects of partnership business in Nigeria. The study due to certain defined constraints concentrated on the Enugu metropolis partnership firms in the surveying, Art legal Accounting professions were investigated.
The chapter run from one to three and justice has been done to this topic.
TABLE OF CONTENT
Statement of Problem
Significant of Study
Scope and Limited of study
Historical Perspective of
Partnership Laws Applicable
Types of partners
Kinds of Partnership
Formation and Operation of
A Partnership formation procedures
Partnership Deed / Agreement
Liability of Partners
Partnership Profit Sharing
Admission of a Partners
Summary of Findings
ANY OVER VIEW ON BUSINESS
How a business can succeed in this environment is a sources of concern. Business today operates in a rather dynamic environment pressured by modern, political social economic and regulatory demands.
The word ( business) connotes different thing to different people. Some think of it as then job while others recall the firms thing deal with as consumers. Business however is a bread term can be applied to many kind of enterprises. It is given so broad a meaning that it includes trade, vocation, occupation, or profession. For the purpose of this research., we want to refer to business as all profit directed economic and commercial activities that provide goods and service necessary to a nation standard of livening. To succeed, they must serve the customer (i.e the target market) . While some business manufacture item like clothes, Television, Motor Vehicles, Wood work etc. other specialize in the rendering of services like those afford by insurance house financial houses, transport services and so on (Boone and Kurtz 1976) A business can be a satisfying experience but risks starting a business can involves great Luck and an anemones of carefully planned hard work. Conversely, many firms early go out of business for the owners of such understandings the consequences of failure is and personal. Several reason have been advocated on why business fail they have been summed up as an easy way to run a good business into the round. They include keeping poor accounting records, minister preting or not to understand financial statement information inviting fraud keeping cost high forgetting to sell, and not planning a head ignoring working capital., training insurance courage and avoiding professional help however survivals is the chief challenge for those who run a business survival success depend not only on avoiding them pitfalls enumerated above but also able to react to new and changing factors in the business environment. The factor which are likely to be of great importance are the granting of credit, and interest growth inflation, government regulation and competition in very large forms. The owners being aware of the many influences of their environment , to survive but now and in the future must develop a plan and success and their plan.
The earliest record of partnership business dates back to the Babyloniaan times. Despite this long historical standing its growth has continued to the presence of certain factors which have also hindered its expansion. Generally, the rate of which partnership business are being established is slow compared with the growth of other forms of business organization like the sole proprietorship and limited liability company. Individual’s find it easier to invest in the letter two times than in partnership, yet the impotence of large partnership, can not be over emphasized, yet the importance of large partnership can not be over emphasized. According to J. Anthony Holland (1991) in an address presented at Owerri to the Nigeria partnership business attract worth: from other large firms internationally”. This researchers therefore focused on examining the pertinent issues in partnership business relation and operations reference to investigate and identify the hindrances to growth posed by the negligence of written agreement, inadequate capital and those problem inherent in the peculiar nature of partnership business. We also make suggestion and recommendation on measures to ameliorate these existing problems.
STATEMENT OF PROBLEM
Based on the above this study attempts to find solution to the following problem that ensure the practice and partnership business in practice of partnership business the importance of a written agreement is clear partnership firms operate with written agreement. Outside the deed, do they have any other tool that indication the flow of authority and responsibility ? The importance of qualified and promising personnel to an organization is obvious. Are partnership, firms capable of engaging and maintaining qualified and efficient and staff ? Are there any problem (s) inherent in partnership (s) because of their nature ?
AIMS AND OBJECTIVES OF STUDY
This research in view the problems seek to investigate.
(a) Whether or not partnership firms operate with a written agreement.
(b) How the document ( or agreement ) is managed in terms of updating it from time to time.
(c) The impact of inadequate capital as is evident in the management of partnership firms e.g on engagement and maintenance of qualified and efficient personnel.
(d) The limitation on expansion posed by such partnership characteristic like unlimited. Liability, limited life and manual agency .
SIGNIFICANCE OF STUDY
The direct advancement over the sole proprietorship partnership form of business organization . Thus the decline in the growth and expansion of the later calls for adequate care and concern in terms of study. Partnership business has described as the most suitable for the practices of most professions and of modern business. To pretend therefore that it has no problem will be unrealistic, and further neglect will leaves in the role it ought to have played.
The choice of focus on areas specified in the objective of this study is because they from the bedrock on which the growth and future of well – being of partnership rest. For instance the relationship between partners is based on it most good faith uberine finance. Where inadequate will either contract hinder expansion , the natural factors surrounding partnership will either encourage or discourage intending partners from coming together and new ones from joining already established organizations.
The entire work no doubt will find useful place. In the hand of other researchers attempting a study of partnership business even in filed outside the scope covered to serve as background information. Also individuals attempting to enter into the biding contract of enter into the biding contract of partnership.
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