TABLE OF CONTENT
Title page II
Approval page III
Table of content VII
1.0 Introduction 1
Background of the study 1
Statement of the problem 6
The purpose of the study 10
Scope of the study 10
Research question significance of the study
2.0 Literature review 15
The origin of the subject area 15
School of thought within the subject area 17
The school of thought relevant to the
problem of study 20
Different method of studying the problem 23
3.0 Conclusion 27
Data analysis and presentation of results 27
Data presentation 27
BACKGROUND OF THE STUDY
Section 1 b of the partnership Act (1980) defines a partnership as “The relation which subsists between person carrying on business in common with a 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 the firm (Lipsey, 1978). One of he ways by which the sole proprietor can expand his business is to turn it into partnership. It enable “new blood” to be introduced into the business and make possible an increase in capital (Hanson, 1976). A partnership ahs greater continuity of existence, partners have equal power and responsibilities, and each is jointly liable with the other partners for all debts and obligation of the firm and a partner can make a contract which is binding on his co-partners (Lipsey 1978).
However it would obviously be most in wise to enter into partnership with anyone unless convinced of his integrity, judgment and business acumen. Trust is not only verbal trust but a written deed of partnership which makes it easier to prove the term of partnership in case of any dispute.
Furthermore, section 19 of the companies and Allied Mattes Act (1990) stipulates that the maximum number of persons that can form a partnership is 20 except case of professional people, whereby they are not professionals and exceeds the stipulated limit, the firm must register under that act or it will be regarded as an illegal partnership (Okoh 2002).
Partnership business contributors tremendously to the economic growth and development of the country, bringing about economic of scale, creates employment, improves the standard of living of the people and promotes business objective synergy (Alimba 1998).
Mezue and Associates which is among the numerous partnership business in Enugu is registered with the corporate Affairs commission in line with the provision of the companies and Allied matters Act (1990) as an estate management firm which operates in its own name and not as agent to any large firm. The firm was registered according to the rules and regulation government the Nigeria institute of estate survey yours and values (NIESU) in 1980 consequently, the firm went into full operation in 1981 as an estate firm for the position of real professional estate firm for the prevision of real professional estate serves to both the government corporate bodies and individuals.