Partnership is a the business world, partnership is one of the most well-known terms, even by lay people. Why? Because this term is very often uttere.
But even so? Do you already know the definition, how it works, advantages and disadvantages of partnership?
Don’t worry, because on this occasion we will provide a complete explanation especially for you.
What is Partnership in the Business World?
According to Investopeia , a partnership is two or more parties who manage a business and share the turnover they get. This is certainly different from a joint venture carrie out by two or more companies, because partnerships only apply to individual groups.
There are many types of partnerships, but generally partnerships are as we have explaine in the opening paragraph.
Some of the things done in this partnership are carrying out daily tasks evenly, gaining equal profits, and building a business together. However, there are also partnerships that make one party a “silent partner”, so that the party does not have to intervene in carrying out daily activities.
1. General Partnership (GP)
General is a type of cooperation that is carrie out fairly. Each partner in this case will be actively involve in carrying out daily operational activities and has full responsibility for debts and various legally binding issues.
2. Limite Partnership (LP)
Limite partnership is two or more people who carry out daily business operations. However, in this partnership there is one or more parties who do nothing. Well, they are calle silent partners.
In terms of profit sharing, all parties in it will receive a portion according to their respective portions. However, the responsibilities borne vary. Those who do not carry out daily operational activities have no responsibility in terms of debt and legal issues.
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3. Limite Liability Partnership (LLP)
In this type of partnership , legal protection will be establishe and applie to all partners, whether they are general or limite partnerships.
Those who run this type of partnership are generally partners who work in one field, such as lawyers, accountants, etc. In addition, if one of the partners makes a mistake, he must be punishe, and the other partners will be protecte.
If you already know the three types of partnerships above, then now you have to know the types of partners in this collaboration.
1. General and Limite Partners
General partners are those who manage the partnership , carry out daily operational activities, and have full responsibility for everything that happens in their business. While limite partners will only invest capital, without being involve in management matters.
2. Different Level Partners
The meaning at this level is that if there are junior and senior partners, then the title will determine the duties, obligations, and various rights that each partner gets.
For example, junior partners must make an initial investment payment of 10 million rupiah. While those who are more senior will pay more.
With this difference in investment funds, senior partners certainly have more rights and authority than junior partners.
How Partnership Works
Of course, each type of partnership has its own way of working. As explaine earlier, there are types of partnerships that require all parties to have similar responsibilities, rights, and duties.
The first thing to do partnership activities is to choose what kind of cooperation you want to do. In addition, you can also choose whether you want to start a partnership for a new business or join a business that has been done and has a previous partnership .
Once you have chosen the type of partnership you want to undertake, you and your prospective partner must create an MoU or memorandum of understanding or contract.
Advantages and Disadvantages of Business Partnerships
The advantage of a partnership is that the establishment of a business can be done easily, in an informal way, if claime, it is necessary to make the partnership business formal and also recorde.
In addition, profit sharing can also be done easily, base on mutual agreements that have been determine in the contract.
You can also more easily find passive or limite partners. Moreover, the opportunity to collect active capital will also be greater.
However, the drawback is that the liability is unlimite and requires the owners to be responsible for all their obligations including their personal assets.
Capital accumulation will also email resource be less than optimal. Although the partnership business form is better in terms of seeking more capital than individual partners, this business form is still claime to be less than optimal when compare to the individual business form.
It will also be harder for you to get out of the partnership. Because in a partnership business, if you want to get out, generally your shares must first be sold to the other partners. So, often this form of partnership must be dissolve, making matters more complicate, and the business name will be tarnishe.
Conclusion
So, partnershipa method or cooperation agreement between two or more parties to run a business. The arrangements in it are carrie phone number list out starting from daily work, responsibilities borne by each party, and profit sharing which is carrie out evenly.
So, Are you intereste in running a business partnership ? The most important thing that you should pay attention to in running a business partnership is to always be alert and careful. If you only have a role as a partner who provides money, then you don’t nee to give any time and various actions for the business.
In addition, running this partnership business requires the right skills and strategies. The goal is to make your business easier and more practical, so use accounting and business software from Accurate Online so that your business finances can run smoothly.
