Forming a Partnership

LEG 205

[Writer's Name]

[Professor's Name]

[Date]

Table of Content

Introduction3

Discussion4

Role of Agency in Business Association4

Partnership5

Advantages of Partnership6

Disadvantages of Partnership6

Limited Liability Company(s)6

Advantages of LLC6

Disadvantages of LLC7

Corporation7

Advantages of Corporations7

Disadvantages of Corporations8

What is best for my 'Me, My Business and Associates'?8

How to persuade your future partner?9

Corporate and Partnership law10

Corporate Law10

Partnership Law11

Conclusion11

References12

Forming a Partnership

Introduction

Forming a partnership is very important from many aspects, when a person is trying to set up a business of his own. Partnership helps us in many ways, we get more resources and much of the finance can be collected when more than two partners are trying to work on the same business and the initiate it. Partners are held equally liable for the losses and they are equally rewarded when there's big revenue created from the business. All this is pre-documented before people sign a contract of partnership.

In the first phase of the assignment, we will be discussing the role of agency(s) in the business association are being discussed. As Agencies play a vital role in the sales and have a definite impact on the sales. In the business world, which has intense competition, organizations must have to make use of different agencies to help in the sales of their products. In the second phase of the assignment the different concepts of partnerships, limited liability companies and corporations are discussed, along with their pros and cons of partnership, LLC and corporations. Than the writer's perspective has been asked about the decision of the partnership or business and then how to make your future partner understand about the way you think about the partnership. In the end, a brief discussion of corporate and partnership law has been discussed.

Discussion

Role of Agency in Business Association

In this section, I will be first discussing the role of agency(s) in my business association. Initially, my sole purpose will be discussing the marketing agency which will be helping me and my partners to enhance the production of the business to the local and international market. It is really necessary for us to incorporate with the marketing agency so that out latest and new products can have access of approach to the local and foreign/overseas customers. If a company is just waiting for its customers to approach them without the help of marketing agency, then it is very rare to see a company or an organizing excel without the help of it. Agencies play a vital role in the sales and have a definite impact on the sales. In the business world, which has an intense competition, organizations must have to make use of different agencies to help in the sales of their products (Moll, T.J., 1920).

Partnership

To operate a business and to finance it, as it start it, Partnership is needed which is an agreement between two people. Partnerships are bonds separate legally from partners themselves. Profit and losses, in a general partnership, flows through the partners' tax returns. It has equal responsibility for all the partners to run a business. In developing a partnership, much ...