discussion questions 521

Answer both questions with a min works count of 175 words each.

Partnerships are quite similar to sole proprietorships with the obvious difference being that the partners are, in effect, proprietors themselves. This nullifies one of the key benefits of the sole proprietorship which is that the sole proprietorship can make decisions and guide the business as he/she sees fit. Clearly, with multiple proprietors, this is not possible, but the offsetting benefit is the consideration of different points of view which could lead to superior decision quality.

Another advantage of the partnership is that there are now multiple sources of capital available as the partners make their contributions to the business relieving the sole proprietor of bearing this burden alone.

Partnerships are common in various types of businesses. Professionals, such as doctors, dentists, lawyers, certified public accountants and the like, often organize their businesses as partnerships.

Can you see any additional benefits or disadvantages with the partnership business structure that are not mentioned here?

4.If you were going into business and had a choice of business structures to select from that would minimize your taxes, while yielding the highest profits, which would you choose and why?

 

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