Angel Lyka D> Abad

Rica Marie T. Tarayao

Franco L. Pagdonsolan

HOMEBASED ACTIVITY
“Collective Strength: Partnership as a form of Business”

A partnership is created when two or more people mutually agree to combine

their resources and contribute money, assets, or labor to a common fund to share
the profits amongst them. The ideal type of business organization, which I strongly
recommend if I decide to start one, is a partnership. Numerous benefits that
partnership businesses provide add to their appeal and success in the business
sector. First of all, partnerships encourage a cooperative mindset in which several
people join forces and use their resources, knowledge, and experiences to achieve a
common objective. This cooperative strategy not only distributes the startup risk
but also fosters creative problem-solving.
A legal agreement known as the deed of partnership is signed by each partner
in a business. This includes all of the partnership's information, including the
amount of money each partner has invested and the percentage of profit or loss that
will go toward their shares. Partnerships provide some important benefits in
business as well. If one partner is not available, the other can handle things.
Additionally, when multiple partners collaborate, the end product can be
significantly more effective because each partner may have a different area of
expertise and can thoughtfully evaluate and consider numerous facets of a subject.
Moreover, partnerships also enable a wider range of skill sets within the
company. By contributing their distinct skills, abilities, and expertise, each partner
enhances the enterprise's overall potential. The company may take on a greater
range of possibilities and problems because to this diversity of capabilities, which
also improves the company's adaptation and resilience to shifting market dynamics.
Partnerships also make it easier for partners to divide tasks and responsibilities.
Partners can guarantee a more effective and equal distribution of resources and
efforts by assigning responsibilities according to each person's abilities and
interests. Moreover, interactions that result from the complimentary nature of
partners' abilities and knowledge can strengthen collaborations.
Partnership Businesses generally benefit from their capacity to capitalize on
the power of people working together, encourage diversity and cooperation, and
accomplish common objectives through teamwork.