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SS1: ECONOMICS - 2ND TERM

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  1. Firms & Industry | Week 1
    4 Topics
  2. Firms & Industry (Business Organisation) | Week 2
    5 Topics
    |
    1 Quiz
  3. Population Theory I | Week 3
    3 Topics
  4. Population Theory II | Week 4
    3 Topics
  5. Population | Week 5
    3 Topics
  6. Population Distribution | Week 6
    4 Topics
  7. Population Census | Week 7
    3 Topics
    |
    1 Quiz
  8. Labour Market | Week 8
    3 Topics
    |
    1 Quiz
  9. The Nature of the Nigerian Economy | Week 9
    4 Topics
    |
    1 Quiz
  10. Agriculture | Week 10
    4 Topics
    |
    1 Quiz




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Topic Content:

  • Meaning of Partnership
  • Features of Partnership
  • Partnership Deed
  • Types of Partners
  • Advantages of Partnership
  • Disadvantages of Partnership
  • Sources of Funds for Partners
  • Evaluation Questions

Partnership is a business organization owned and controlled by two or more people. It can also be defined as a relationship that exists when two to twenty people agree, decide to run a business together, and share the risks and profit of the business. 

Features of Partnership:

1. Pooling of both mental and material resources together.

2. Ownership is from two to twenty persons or two to ten persons for a banking business.

3. The partnership has unlimited liability except for the limited partner.

 

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Question 1

Explain any five advantages of partnership.

Answer:

  1. Different partners bring better decisions for the development of the company.
  2. High level of privacy.
  3. Collective responsibility.
  4. Risks are been shared among the partners.
  5. Large capital through the contribution of partners.

Question 1

Highlight five characteristics of Public Limited Liability.

Answer:

  1. The minimum number that can form a public company is seven while the maximum remains infinite.
  2. A public limited company is a legal entity. It can sue and be sued in its own name.
  3. It enjoys a continuous existence. The death of some shareholders cannot affect the business.
  4. It has limited liability. The liability of shareholders is limited to the amount contributed to the company.
  5. The accounts of the company must be audited and published annually.
  6. The shares of a public company can easily be transferred.
  7. Capital is raised through the issue of shares publicly.
  8. It must follow some special formalities before registration.

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