Identify the pros and cons of the partnership as a form of ownership.
Then I must discuss the basic components of the marketing process using a product or service of your choice as an example.
Lastly, I must discuss the roles of social responsibility and technology in the marketing function.© BrainMass Inc. brainmass.com October 10, 2019, 5:13 am ad1c9bdddf
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There are many benefits to general partnerships. They can be very easy to set up and maintain. In contrast to a corporation or limited liability company, one does not have to register with your state and pay fees. The filing of income tax returns is also relatively easy because the partners are taxed, rather than the entity, so there is no need to file separate tax returns for the corporation. Each partner can deduct losses from the business on his or her own income tax return. There is no taxation to the business itself, "all income, deductions, and credits "pass through" to the individual partners"( Paul, 2008).
In addition, general partnerships offer flexibility: the partners can set their responsibilities, determine the structure of the organization, and the distribution of profits and losses. This is different from corporations that are less flexible. In a partnership, an individual partner can be rewarded with higher profits if they choose to take a greater financial risk. The partners can combine resources and share financial commitment or determine what percent of the organization they want to have based upon their investment. Typically, partnerships are easy to set up, less expensive to form and require less paperwork than other forms of ownerships.
Furthermore, partnerships are a discrete asset and can be transferred to other people, estates, or heirs. This is usually limited by the terms of the partnership agreement (AllBusiness, n/d).
Unfortunately, however, partnerships can be risky. The business-related acts of each partner impacts other partners legally. A written partnership agreement must be established that outlines "each partner's share of profits or losses, day-to-day duties, and what happens if one partner dies or retire"(AllBusiness, n/d). Furthermore, all partners are potentially liable for all business debts and lawsuits, or at the minimum, for his or her share of the business debt. In a partnership, it is often the partner with the greatest assets who loses the most if the business fails.
Disagreements may arise between partners over finances or management decisions. Partners may put in different amounts of effort that can lead to unhappiness.
Another drawback to general partnerships is their limitation in ...
-Identifies the pros and cons of the partnership as a form of ownership.
-Discusses funding options for small businesses.
-Determines and discusses how managerial accounting can help managers with product costing, incremental analysis, and budgeting.
-Discusses the basic components of the marketing process using a product or service of your choice as an example.
-Discusses the roles of social responsibility and technology in the marketing function.
APA references are included.