The Business Environment Essay

2344 words - 10 pages

In today’s world, creating, financing and marketing a business is very difficult to accomplish. After the global recession in 2008 the United States has found itself slowly climbing out of an economic disaster. President Barrack Obama, our new Commander In Chief, was sworn in on January 20, 2009 as the 44th President of the United States of America. Forming a new administration in a distraught economy was not good for a new president to take office, but Mr. Obama was already hard at heals creating policies to repair what the financial market had created. One of his policies he has fought to renew was the global financial crisis. In the aftermath President Obama’s stimulus plan has ...view middle of the document...

(McIntosh, K. A.). Logically banks consider two or more people, who created a business together, would have more assets available for banks to recoup. In the business world there are two types of partnerships. One is the general partnership and the other is a limited partnership. The general partnership is the agreement of two or more people, equally sharing the responsibilities involved in a business. Where as in a limited partnership there is only one individual who shares total responsibilities for the actions of a business and one or more members sharing limited or partial responsibilities. (Kelly & McGowan, 2012). There are many pros in a partnership. In a general partnership business owners can pool funds together to attract loans from banks. Business owners can also share their personal knowledge and expertise. (In-text citation needed here showing where you located these pros.) For example, general partners can rely on each other’s strengths and business savvies to help guide the company to success in the aftermath of another’s lack of experience. Running a business is a very stressful process but in the general partnership owners can also share the work load and stress levels in running a business. For instance, imagine yourself running a business as a sole proprietorship and business is bustling. You’ve worked hard each day for your company to grow into a success. Now you’ve reached your limit and require a break. Who’s going to run the business now? Do you have to close your doors to go on a vacation? Your business would lose profits and you may lose you clients to your competitors. In a general partnership a person would go on vacation to get away from the hustle and bustle without fear while the other manages the business at home.
In a limited partnership the pros are simple. Limited partnership has limited liability and is only liable for the debts and losses, only up to what they have invested in the company. This ensures that they are protected from personal liability and their wealth stay intact. (Paul, S. 2008).
The partnership has many cons also. For one, general partnership share unlimited liability. This means a company is held liable for any legal trouble and responsible for any debt incurred. (Actually, unlimited liability means each partner of the company is held personally liable for all business debts.) Another is the disintegration of a company when there is a disagreement amongst owners. This unfortunate behavior, if not resolved quickly would cause disarray within management and infect the magic and aura that help create a profitable establishment. Even though limited liability shares in the wealth of a business, as a con, they cannot partake in management nor have any input in the decision making. Partnerships have pros and cons that limit their successes and failures but there are many funding options for small businesses that keep hope alive.
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