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Wedding Dresses Partnership, By Mario And Emily

Decent Essays
The case study states that Jonathan, Mario and Emily created the “JME Wedding Dresses partnership”, which was started up in January 2014 under the Partnership act 1890. It is fundamental to acknowledge under which Act of Parliament a partnership has been opened up in order to identify and analyze which type of partnership it is. In fact, there are three main sorts of partnership: the General or Traditional partnership, that can be opened under the Partnership Act (1890), then there is the Limited Partnership that can be opened under the Limited Partnership Act (1907), and finally there is the Limited Liability Partnership that can be started up under the Limited Liability Partnership Act (2000). Consequently, the partnership proponed in this case study can be classified as the Traditional Partnership, because, as previously explained, was opened under the Partnership Act (1890).
Section 1 of the Partnership Act (1890) offers an understandable definition of what a General Partnership is. Briefly, this kind of partnership can be created between two or more persons that want to carry on a business and they must share a common view of profit as main aim. In addition, the business must be register throughout the Royal Charter or the Companies Act (2016) or by any Act of Parliament.
As every business organizations, a General partnership has some disadvantages and advantages. Shortly, the main advantages are its velocity and facilitation to start up the business; then there is a
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