assume you are starting a partnership firm with your friend/friends. Develop a business plan covering the following aspects: Formation of this partnership firm-rules and steps that would be followed including the partnership deed. Choice of types of partners involved and your justification for the same.
Answers
Answer:
Partnership deed is not mandatory but if it is maintain then it is good for partners and for the business also.
Explanation:
Contents of a partnership deed are:
*Interest on partners capital
*Interest on partners drawing
*The amount of salary , commission, or any other is payable .
*The ratio of sharing profits and losses
*Sharing of managerial work or responsibilities.
If, in a partnership deed, certain items are absent , then the provisions of the Partnership Act 1932 apply.
Rules in the absence of partnership deed are :
* All the partners will divide the profit and loss equally.
*if any partner gave loan to the firm, the firm have to give 6% interest on that loan.
*No salary will given to any partner.
*No interest will be given on the capital.
*Partnership firm will not take interest on his given amount in the form of drawing to any partner.
Answer:
In some cases, friendships prove to be the backbone of many successful businesses. A number of big-name companies in a number of industries are run by pairs of close friends — from the fashion-forward pals who launched Juicy Couture nearly a decade ago, to the moms (and BFFs) with a passion for healthy snacks who founded Tasty.
“Many times we don’t get to choose who we work with,” says Nicole Zangara, LCSW, author of “Surviving Female Friendships: The Good, The Bad, and The Ugly.” “One of the advantages of going into business with your best friend [is] that you get to spend time with someone you really like, respect and admire. That can make working a lot more enjoyable.” Still, it’s no secret that mixing friendship with finances can be risky.