A partnership is often defined as an association of two or more persons to carry on a

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Question:

A partnership is often defined as an association of two or more persons to carry on a business as co-owners for profit."

I think that, a partnership is a legal arrangement that allows two or more people to share responsibility for a business. Those partners share the ownership and profits, but they also share the work, responsibility, and potential losses. They start a new way together by knowing the business might succeed or have the risk of not making it well. The partnership mean is that, you get to share all liabilities together in legal terms. If business does well that means you get to share the profits you make together if doesn't go well the way its been expected you take the risk together and pay out of pocket for the business. Things must be talked from the beginning but sometimes things might not go the way you expected, one of the partner might ask for more money, think that they deserve to get more days off, or any other conflicts there might be exist if they cant resolve it there has to be partnership dissolution.

The term "partnership dissolution" refers to the termination of a partnership.

When a partnership dissolves, the individuals involved are no longer partners in a legal sense, but the partnership continues until all debts are settled, the legal existence of the business is terminated and the remaining assets of the company have been distributed.

I know a lot of partnership dissolution stories. The one I would like to share is a family business that I know from my hometown my dad's cousins. They had a lot of businesses such as textile, factories and stores. There were 3 sons and dad owned the businesses. They were all partners in the business. But it didn't last long. They all started fighting in the end, one of the son was thinking he was working more then everyone else does. The other ones are being judged taking more money then they were supposed to be. There was no professionalism between them.

They ended up partnership dissolution even though they have talked in the beginning all the procedures how they all need to be responsible for those businesses. Mostly reason was every partner was thinking they were the right one even though they all got into wrong thoughts.

There was no professionalism and no organization between the business. They should have acted more professional.

Make one comment on this post based on a legal basis.