Weekly Reflective Blog
This week we learned a lot, just today we learned about partnerships, what they do, and what they are. We learned that there are three different types of partnerships; General Partnership both partners share responsibility for managing the business and each is liable for all the business debts and losses (Easiest to set up but most risky) Limited Partnership is when at least one partner is not involved in the daily operations of the business (Silent Partner) and Limited Liability Partnership which is when all partners are limited partners and are not responsible for the debts and other liabilities of the other partners. Partnerships have advantages as well as disadvantages, the advantages of a partnership are that partnerships are easy to open or close, there are few regulations, the owners keep profits, partners have more access to resources, there is joint decision making, and specialization, and the disadvantages are that there is joint decision making, a limited life, and unlimited liability (RISKY) Overall this week was very informative and full of new things to learn.
