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THE PARTNERSHIP

The Uniform Partnership Act, adopted by many states, defines partnership as "an association of two or more persons to carry on as co-owners of a business for profit." Though not specifically required by the Act, written Articles of Partnership are customarily executed. These articles outline the contribution by the partners into the bu­siness (whether financial, material or managerial) and generally delneate the roles of the partners in the business relationship. The following are example articles typically contained in a partnership agreement:

Name, Purpose, Domicile

Duration of Agreement

Character of Partners ( general or limited, active or silent)

Contributions by Partners ( at inception, at later date)

Business Expenses ( how handled)

Authority ( individual partner authority in conduct of business)

Separate Debts

Books, Records, and Method of Accounting

Division of Profits and Losses

Draws or Salaries

Rights of Continuing Partner

Death of a Partner ( dissolution and winding up)

Employee Management

i. Release of Debts

j. Sale of Partnership Interest

k. Arbitration

l. Additions, Alterations, or. Modifications of Partnership Agreement

m. Settlements of Disputes

n. Required and Prohibited Acts

o. Absence and Disability

Some of the characteristics that distinguish a partnership from other forms of business organization are the limited life of a partnership, unlimited liability of at least one partner, co-ownership of the assets, mutual agency, share of management, and share in partnership profits.

Advantages of the Partnership

Ease of formation. Legal informalities and expenses are few compared with the requirements for creation of a corporation.

Direct rewards. Partners are motivated to apply their best abilities by direct sharing of the profits.

Growth and performance facilitated. In a partnership, it is often possible to obtain more capital and a better range of skills than in a sole proprietorship.

Flexibility. A partnership may be relatively more flexible in the decision making process than in a corporation. But it may be less so than in a sole proprietorship.

Relative freedom from government control and special taxation.

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