Advisories for Small Business Administration Counseling
Advisory One
A general partnership between the doctors in the group is the type of business ownership that should be recommended in this case. This ownership plan leaves the partnership open to additional members and allows all the members to manage and share equally in any profits. (Ebert et al, 2005)
This ownership plan is often utilized by professionals, such and doctors and lawyers, and its advantages include few legal regulations beyond drawing a partnership document and that it will be more likely for the partnership to get loans and funds than a sole proprietorship. As well, the partnership can grow with the addition of new members or partners and capital. (Ebert et al, 2005)
Several disadvantages include unlimited liability, which can potentially make all partners liable for one partner's expenses and a potential lack of continuity when partners die or retire. As well, all of the partners must concur when......
Join Now or Login to view the rest of this paper.
Approximate Word Count: 631
Approximate Pages: 3 (260 words per double-spaced page) |