PArTNERSHIP BUSINESS

Partnership BUSINESSSubmitted byTerben Hossain 141011119 Rana Saha 141011099Amena Hossain 141011063Shibsanker Saha 141011184Atikur Rahman 141011025

Introduction Partnership business venture is an entity, where two or more persons enter in to a Partnership Agreement and form a business Firm to run a particular business.

Partnership Agreement a trade license shall require to be obtained in the name of the Firm and therefore that partnership entity can run the business. The Partnership Agreement can be registered with Registrar for Joint Stock of Companies and Firms (RJSC).

Objective Partnership firm is a business venture of two or more persons and they entered in to a Partnership Agreement with the objective to run and operate a business under the head and title of the name of the firm and after obtaining trade license and all other necessary permissions, as required for the said purpose.

Mission & Vision

Mission: To promote development effectiveness in all areas of work both our own and the work of other, including through active engagement.

Vision: We envisage a world where respect for human rights, participatory democracy, social and environmental justice and sustainability, gender equality and equity and decent work and sustainable change are achieved.

METHODOLOGY Efficient and healthy internal and external partnerships under gird the success of every organization. Businesses are becoming interlinking, neural-like webs of information, production and marketing. While competitors can copy new technology, innovative marketing approaches or leading-edge designs. they are hard-pressed to copy the dynamics created through partnering relationships.

LIMITATIONS Uncertainty of duration: Partnership suffers from a possible limited span of life.

Risks of additional liability: sole proprietor, each partner has unlimited liability. liability may arise not only from his own acts.

Lack of harmony: Lack of harmony centralized authority and conflicts in policy can disrupt the organization.

Difficulty in withdrawing investment: no partner can withdraw his interest from the firm without the consent of all partners.

Lack of public confidence: partnership may suffer from lack of public confidence because like that of a company there is no legal mechanism to enforce the registration of a partnership firm.

Limited resources: There is a limit beyond which it is almost impossible for partners to collect capital. This limit is generally up to the personal properties of partners.

Unlimited liability: Unlimited liability discourages partners to undertake risky ventures, and therefore, their risk-taking initiative is dampened. LIMITATIONS

Necessary things FOR PARTNERSHIP BUSINESS Contract for partnership: Partnership is the result of a contract. It does not arise from status, operation of law or inheritance. Association of two or more persons: partnership is the result of a contract at least two persons are necessary to constitute a partnership. Carrying on of business: parties must have agreed to carry on a business. term business is used in its widest sense and includes every trade, occupation or profession. Sharing of profits: agreement to carry on business must be with the object of sharing profits amongst all the partners. Mutual Agency: partnership provides that the business must be carried on by all the partners or any one or more of them acting for all that is there must be mutual agency.

Registration for partnership business It is not compulsory for partnership. If any partnership firm is not registered it is not illegal association.

As far discussion made above we see that though an unregistered firm is not illegal association it rights as per contract or partnership act. That is though registration of a partnership is optional its registration is necessary for its own interest.

WHY PARTNERSHIP FIRM REGISTRATION MUST BE NEEDED? Protect your assets: By registering business, assets and liabilities are separated from each other. Sell a product: invented a revolutionary new product and selling product all over the world among of people. Need money: seeking private equity you must be registered as a business. Investors want the protection of incorporation as well as a defined exit strategy which is defined in some of your incorporation documents.

conclusion Under the above discussion, we can say that partnership business is a legal business and its partners are also legal. Because, partners have to doing perform some formalities. But except these the most important thing of this business is belief. Without belief everything is baseless. As the partnership business is consist of some partners. So, the partners must be honest and faithful to each other. If there is lack of perfect relationship among the partners the business must be dissolve. So, we can say that Partnership Business is a Business Based on Fiduciary Relationship.