This research is aimed at identifying the problems of partnership business in Nigeria and how to sole some of them. This as an attempt to present the frame work which will help various group of persons in partnership businesses and others desiring to become one to have a clear understand of some the problem they are to encounter in the business, especially those of them who are in a haste to form one without understanding the terms of the business neither having any form of agreement. Worthy to mention is the funding which constitute a lot of problems, lack of good planning and good management techniques not being applied which often militate against the progress of the partnership business.
In terms of organization this work is divided into five chapters enumerated as follows.
Chapter two: deals with the subject matter under review with reference to books of other authors, published journals, magazine of different opinion.
Chapter three: Discuss the methods of research the researcher embarked upon with the various instruments used in carry out the wok.
Chapter four forms the core of this research. Data’s collected were presented, analysed and interpreted and the hypothesis tested.
Summary of the findings, implications, conclusion and recommendations.
A list of bibliography and an appendix are provided at the end of this chapter for further classification and information on this study.
Long ago, many committed Nigerians have engage them self in one or two business entity to enhance economic growth. They engage them self in various sector of the economy to earn a living.
From past analysis and experience in this present economy has shown that many of these business organizations are not living up to expectation. In view of these it is hoped that a research analysis of the problems and prospect of business will be uncovered and causes of their poor performance. Orientation differs, ones the word ‘business” is pronounce, the message that rings in the mind of men especially in Nigeria is buying and selling of goods. But business is broader than that. Business can be defined as any activity one engage himself or herself with lawfully to earn a living, for the purpose of this research, I want to consider business as “every profit directed economic and commercial activities that provides goods and services necessary to a nation standard of living.
Business ownership can be classified into two namely: public enterprise and private enterprise.
Private enterprise comprises of sole proprietor ship, co-operative society partnership and limited company.
In this research we are going to concentrate mainly on issue concerning “partnership business”. According to Boron, Donan (1976) Partnership was defined as a business relationship between two or more persons who jointly own and manage a business. The maximum number is usually put at twenty people.
People find it easier to engage in sole proprietor ship and others to avoid certain problems that may arise in partnership business such as
– delay in decision making
– crisis of confidence
– chained activities of all new members to old ones.
1.2 STATEMENT OF PROBLEM
A larger proportion of the business entities in this country are faced with similar problems. These problems hinder the growth and development of partnership business in this country, thereby limiting their enormous contribution towards the nation economic development. Some of these problems are listed below.
- Poor finding sources
- lack of feasibility study
- lack of lay down rules
- inability to differentiate between personal and business affairs.
- negligence on part of some partners.
- taking decision without comparative analysis and good understanding of national economic trend.
- lack of competitive awareness
- lack of personal assessment on strength and weakness of the business.