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Plan

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Submitted By preferredPeixes
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The first part of this paper shall discuss the definition of the partnership organization form and the contents of a typical partnership agreement or article of co-partnership, in order to give the reader something of a basic background of a partnership in general.
The second part shall talk about the advantages and disadvantages of partnerships, a partnership’s defining characteristics – namely, voluntary agreement, mutual contribution of money/property/industry to a common fund, co-ownership of property, mutual agency, unlimited liability, limited life, and the division of profits among partners – and whether or not these defining characteristics are also its downfall.
The third part shall deal will the classifications of partnerships, according to the liability of the partners (general or limited), object (universal of all present property, profits, or will), duration (at will or with a fixed term), and purpose (commercial/trading or professional).
The fifth part shall define the different kinds of partners, according to nature of contribution (capitalist, industrialist or both), liability (general or limited), and interest/obligation to business (managing, secret, silent, dormant, ostensible).
The fourth part shall provide the reader with the basic procedures of forming and operating of a partnership. This last part aims to give the reader a clearer look on the inner workings of a partnership, and to emphasize its differences from a sole proprietorship.
The fifth part shall discuss the moments when a partnership may decide to liquidate, as well as the reasons why, and the manners how said partnership will undergo liquidation. This would then bring the topic in full circle.

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