Organizational strategy

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The second form of business is a partnership. A partnership is a type of business structure that is formed by two or more people and share income.  The co-owner of the business works on behalf of each.  A partnership is categorized into two types: limited liability partnership (LLP) and limited partnership (LP).  Limited liability partnership comprises of one general partner who has unlimited liability while the partners have limited partners.  The general partner has limited control over the business.  The limited partners’ pay personal returns and the general partners pay self-employment tax. The advantages of a partnership are as follows.  First, it’s cheap and easy to establish than a Limited Liability Company (LLC). Secondly, a partnership does not disclose its profits to the public (Needle, & Burns,2010).  Also, it is easy for the partnership to change legal structures, unlike LLC.  For instance, the partnership can upgrade to a company.

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Organizational strategy