Sports Bar a Partnership Firm Would Be Research Paper

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A partnership firm would be the best choice for Lou and Jose sports bar and restaurant business. To form a partnership, four criteria must be fulfilled: partnership must have two or more persons; the same persons must be caring the business, business must be for profit, and all persons must be co-owners. Lou, Jose, and Miriam will be co-owners for-profit business and Lou and Jose will be caring daily duties of a sports bar and restaurant. However, in a partnership control is shared by all the partners. Every decision is made on the understanding and agreement between all the partners. Lou and Jose will have general partnership while Miriam as an investor partner will not control business activities.

The reason a partnership firm would be the best choice is because neither of them have much money and Miriam is willing to be the investor who will not participate in the business but will expect in return a percentage in return. Lou and Jose as partner will earn a percentage of the sports bar and restaurant profits. Lou, Jose, and Miriam must consider the laws and regulations in starting the business, and all the risks the involved because they must protect themselves against all risks. Because there are, two types of partnerships Lou and Jose must choose which general or limited partnership.

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Lou and Jose should enter general partnership because this will leave equally liable for the businesses and any future debts or judgments that may occur against the business. In order for Lou and Jose to start their business as a partnership firm, some laws, and legal regulations need considered on both partners before making a contracts of partnership.

According to Partnership (n.d.), "The first step in creating a partnership is reserving a name, which must be done with the secretary of state's office or its equivalent" (¶1) the next step would be to form a written agreement. Lou and Jose will need to write a partnership agreement. However, before doing this they should consult a lawyer because this will allow Lou and Jose to know their rights and responsibilities as partners. According to Partnership (n.d.), "The Uniform Partnership Act defines the basic rights and responsibilities of partners. Some of these can be changed by the partnership agreement, except, as a general rule, those laws that govern the partners' relationships with third parties." (¶3) Lou and Jose then must file a partnership documentation with the state office in the state the business will be operating in and record the business's name to obtain a license.

The Limited Liability Partnership (LLP) will provide Lou….....

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"Sports Bar A Partnership Firm Would Be" (2012, June 16) Retrieved June 30, 2025, from
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