CHAPTER ONE
INTRODUCTION
Long ago, many Nigerian have engaged them in one or tow business entity to promote the economic growth and to earn a living. Unfortunately it have been observed from the past analysis and experience that most of them are not living up to the expectation. In view of this it is important to carry out a research analysis on problem and prospect of business to know or uncover the reason behind their business. It is a pity that immediately any thing business is mention, the only thing that comes to the mind of a typical Nigerian is buying and selling of goods but business if broader than that.
Business means any lawful activity one engages on to satisfy peoples wants and needs to earn a living. For the purpose of this research, I want to narrow out minds to business as any profit directed economy or commercial activities that provides goods and services necessary to a nation standard of living. Business ownership can be classified into two basically: (i) Public enterprise and (ii) Private enterprise The private comprise of sale proprietorship, cooperative society and partnership etc. In this research work, we are going to concentrate mainly on issue that concerns the partnership business. According to Boron Donan (1976) partnership can be defined as a business relationship between two or more persons who jointly own and manage a business. The maximum number is usually 20 persons. The following problem lead to the formation of a sole proprietorship and others – Delay in the decision making process – Crisis of confidence – Chained activity all new members to the old ones etc.
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