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PARTNERSHIP BUSINESS AND ITS CONTRIBUTION TO THE ECONOMIC DEVELOPMENT AND GROWTH OF NIGERIA (A CAE STUDY OF ENUGU METROPOLIS)
This project work was written in an attempt to examine the contributions of partnership business to the economic development and growth ofNigeria. Enugu Metropolis was used as the case study.
1.1 BACKGROUND OF THE STUDY
Section 1 b of the partnership Act (1980) defines a partnership as “The relation which subsists between person carrying on business in common with a view of profit”. It is however the joining together of two or more person in a business, each of whom is personally responsible for the growth of the firm (Lipsey, 1978). One of he ways by which the sole proprietor can expand his business is to turn it into partnership. It enable “new blood” to be introduced into the business and make possible an increase in capital (Hanson, 1976). A partnership ahs greater continuity of existence, partners have equal power and responsibilities, and each is jointly liable with the other partners for all debts and obligation of the firm and a partner can make a contract which is binding on his co-partners (Lipsey 1978).
However it would obviously be most in wise to enter into partnership with anyone unless convinced of his integrity, judgment and business acumen. Trust is not only verbal trust but a written deed of partnership which makes it easier to prove the term of partnership in case of any dispute.
Furthermore, section 19 of the companies and Allied Mattes Act (1990) stipulates that the maximum number of persons that can form a partnership is 20 except case of professional people, whereby they are not professionals and exceeds the stipulated limit, the firm must register under that act or it will be regarded as an illegal partnership (Okoh 2002).
Partnership business contributors tremendously to the economic growth and development of the country, bringing about economic of scale, creates employment, improves the standard of living of the people and promotes business objective synergy (Alimba 1998).
Mezue and Associates which is among the numerous partnership business in Enugu is registered with the corporate Affairs commission in line with the provision of the companies and Allied matters Act (1990) as an estate management firm which operates in its own name and not as agent to any large firm. The firm was registered according to the rules and regulation government the Nigeria institute of estate survey yours and values (NIESU) in 1980 consequently, the firm went into full operation in 1981 as an estate firm for the position of real professional estate firm for the prevision of real professional estate serves to both the government corporate bodies and individuals.
It also indulges in the management and valuation of properties in many states of he federation includingAbuja.
Suffice it to say that all the partner partake in the decisions making and proper management of the firm. The firm has three branches located atLagos,OnitshaandAbawith its head office ateEnugu.
Each having a branch manager who take decision according to the rules and policies the firm.
Finally, the over all motive of the firm is to deliver professional services to the people and also make profit extremely difficult to raise money from many persons through a partnership and also to provide them with loans.
In conclusion, inefficient managerial ability is one of the problems of partnership business inNigeriamost partners do not possess the technical know-low on how to effectively manage the partnership business. Therefore the following research questions are asked. What are the contributions of partnership business to the economic growth and development ofEnugumetropolis? What are the roles of government toward the formation of partnership business in Enugu Metropolis? Why do people engage themselves in partnership than any other type of business organization? What are the ways by which the problems hindering the growth of partnership business can be solved?
1.2 THE STATEMENT OF THE PROBLEM
Partnership business are faced with numerous problems which includes the following
1) PROBLEM OF UNEMPLOYMENT
There is a great deal of unemployment problem in our country most graduates don to gain employment after their studies and even those are employed, most are poorly underemployed obviously, the government ministries and prostates cannot absorb all that needs to be employed, hence the need for the private sector participation. Incidentally, except partnership business come to the rescue in the area of this country remain on uphill task.
2. PRODUCTION OF GOODS AND SERVICES
Without partnership business the production of some of the goods and services will be in efficient. However, partners will bring out their technical and managerial skills during the production of goods and services which has more quality and also increase the quantities of such goods.
Thus, without partnership business there will not be much quality goods and services produced by the private sector since majority of the citizens to not have much income to patronize luxury goods. Similar partnership business will allow individual with limited capital to term up together to produce necessary goods for the teaming population.
3) INCREASE IN GOVERNMENT REVENUE
Partnership business helps to increase government revenue through the payment of taxes such as the registrations of the company under the corporation affairs commission, payment of business premises levies etc. Hence without partnership business there would not be much private companies which will on the other hand affect the government revenue generation.
1.3 THE OBJECTIVE OR PURPOSE OF THE STUDY
In view of the above mentioned problems which are associated with partnership business, let us concern ourselves with the problem of unemployment. The problem of unemployment entails that without partnership business, there would not be job opportunities for the masses inEnugumetropolis. Partnership business generate employment source of information more than 30% of the masses inEnugumetropolis. Most of our school leaves who are not employed now have the opportunity of pulling their capital together in order to establish a business thereby creating employment for themselves.
Business to the business to the economic growth of Enugu Metropolis.
i) To ascertain the ways of solving some problems that are hindering the growth of partnership business inEnugu.
ii) To identify the roles ofEnuguStategovernment towards the formation of partnership business.
iii) To make recommendations based on the research findings.
1.4 SCOPE OF THE STUDY
Partnership business which most time is referred as the association of two or more people as owner of a business. Good partnership will enable. The company to gain their image and identity. It is necessary that the individuals enter into partnership agreement that will specify the obligations, responsibilities and benefit of each of the partners. Partners do not require to pass through any legal process before a partnership is established partnership makes it possible to increase the capital outlay of the business through the pooling of the financial resources of all the partners. Two heads are better. Than one is true in the case of many partnership. Most often, two or more men complement each other in achieving operational efficiency free of change. Partners can consult each other about proposed actions and a better course of procedure may results.
1.5 RESEARCH QUESTIONS
i) “What are the ways of solving the problem that are hindering the growth of partnership business inEnugu?”
ii) “What are the roles ofEnugustate government towards the formation of partnership business?”
1.6 SIGNIFICANCE OF THE STUDY
Partnership business is the means by which people pool their resources together, transaction business with the view of making profit. thus, contributing towards economic growth and development of the nation. This research project work tends to explain the impact of partnership business towards the improvement of the socioeconomic well being of the populace. It is also designed to expose any short falls in partnership business inEnugumetropolis thereby providing information on how partnership business is best managed.