PARTNERSHIP BUSINESS AND ITS CONTROL BUTTON TO THE ECONOMICS DEVELOPMENT AND GROWTH OF NIGERIA
ABSTRACT
This project work was designed to examine the contribution of partnership business to the economic development and growth of Nigerian, Enugu Metropolis used as the case study.
The objectives of the study were as follows:
To Ascertain the ways of solving some problems that are hindering the growth of partnership business in Enugu.
To identify the roles of Enugu State government towards the formation of partnership business.
To make recommendation based on the research findings.
The researcher made use of both primary and secondary sources of data. In the primary source of data personnel interviews were held with some partnership business. In addition questions were also drafted for the business to tick were appropriate. The data Collected were analyzed in labour from –Chi – Square were used in testing the hypothesis and the hypothesis were tested at 5% level of significance.
In the recommendation the following were recommend among others:-
The government should assist in providing adequate capital base and give room for expansion.
Partners should endeavor to take quick decision concerning their business transactions.
This will however encourage more people to engage in partnership business.
Partnership should be an avenue through which adequate employment opportunities are provided to the terming population.
The government should increase their awareness to the masses towards their formation of partnership business.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
SECTION 1 (1) of the partnership act (1890) defines a partnership as the relation which subsists between person carrying on business in common with view of profit. It is however the joining together of two or more person in a business each of whom is personally responsible for the growth of Firm (Lipsey 1978) Thus are of the ways by which the sole proprietor can expand his business is to turn it into partnership.
It enable “now blood” to be introduced into the business and make possible an increase in capital (Hanson 1976). A partnership has greater continuity of existence partners have equal power and responsible and each is jointly liable with the others partners for all debts and obligations of the firm and a partners can make a contract which is binding on his Co-partners (Lipsey 1978) However it would Obviously be most unwise to enter into partnership with anyone unless convinced of his integrity. Judgement and business acumen. Trust is not only verbal trust but also a written deed of partnership which makes it easier to prove the terms of partnership in case of any dispute.
Furthermore, selection 19 of the companies and Allied matters act. (1990) Stipulate that maximum number of persons that can from a partnership is 20 persons that can form a partnership is 20 except in case of professional people.
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