Most of the people are interested in the business line and want work on their own. We have seen many partnership firms but the question here arises is what do you know about Partnership? I think the topic is understood, i.e. Partnership. So, in this article, I am going to talk about Partnership and the different types of Partnerships. Let’s begin then.
Starting with the topic, the first thing I am going to talk about is Partnership. Partnership is the collaboration of individuals or parties in order to become partners and run their collaborated work, business, institution etc. All the decisions of the business are taken by the partner altogether and they will bear all the profits and losses equally or according to their share in the company. Not only in business, is partnership seen in other fields too like schools, food chains, hospitals etc.
If we talk about Partnership, then we must emphasize on some of the points in order to make it a successful one. One must ponder over the points which I am going to mention below:
- Communication: One of the key factors of a successful partnership is effective communication. In order to discuss and take important business decisions is transparency in communication. It avoids mismanagements of views and opinions between partners.
- Focus on the result: Another important point in a successful partnership includes the focus on your goal. Everyone must know the goal of their company, efforts they’ve to put in for that and ultimately the result.
- Level of commitment: All the partners should show their full commitment to their work and the level of commitment decides the success of the partnership.
The points mentioned above must be kept in mind in order to have a successful partnership. Moving further from this, now I am going to talk about the last topic of this article that is the Types of Partnerships. In this section, I am going to talk about the three types of partnerships, namely, general partnerships, limited partnerships and limited liability partnerships.
- General partnerships: This type of partnership is within the general partners. The responsibilities of the company are equally divided between its partners and all of them are involved in its management. It is considered to be one of the most undesirable kinds of partnerships because of the reason that in a general partnership, if one the partner is sued then the liability will be held by all other partners too.
- Limited partnership: In this type of management there are both, general as well as limited partners. Unlike general partnership, the management and responsibility of company in a limited partnership is not divided equally but in a limited manner. It may involve investors for providing fund who are not up for partnership. You can register online for your company or business in a limited partnership. The registration fees may vary from site to site.
- Limited liability partnership (LLP): If we compare this type of partnership to others then we will get to know that LLP is a bit different kind of partnership in which all the partners of a company or business have limited liability. Here limited liability means that all the partners have their share of rules and responsibilities, errors, punishments etc. If any of the partners commits a mistake then all the other members will not be liable for that. Everyone has their own limited liability. Many people go for Limited liability partnership registration. You can do the LLP registration online as there are many websites offering company registration.
Concluding the topic I would like to tell you guys then you can register for any of the partnerships. My suggestion will be LLP registration as it will be beneficial for all the partners. You can register on sites which will give you limited liability partnership steps and limited liability partnership registration fees etc. This is my personal choice and you can opt for other options too. What are you waiting for? Go and get your registrations done now!