ABSTRACT
Nigerian Economy is one
of the vibrant economies in the world. Although the nation is still regarded as
under developed country, but the rate of her involvement in international
business cannot be neglected.However, the economic progress and exploits can be
attributed to the various forms of business formation available and practiced
in Nigerian Economy. These range from; Sole Proprietorship, Partnership, Joint
Stock Company to Co-operatives. Among these forms of business
establishments, Partnership Business is more predominant in
the economy. The reason for this is obvious. Partnership as the name implies is
an association of two or more persons carrying out
business in common for the sake of profit maximization. This association can be
a mixture of academic talents, money, skills, e.t.c of persons. This fusion of
efforts and ideas undoubtedly creates room for business growth and success. One
therefore cannot proceed to ask the question, “what are the benefits of
this enterprise i.e. PARTNERSHIP?” or why do people establish it ?”
Meanwhile, as the
researcher proceeds and advances in his research, these questions will receive
their most appropriate answers. Also, vague ideas about partnership and its
activities will be explained including its pre-historic era.
Above all, the effects
and contributions of Business Partnership, which is the core of this research
work will be outlined, with recommendations for its improvement, survival and
continued growth.
LIST OF TABLES
4.1
GOVERNMENT SUPPORT ON PARTNERSHIP
BUSINESS
4.2
REASONS FOR ITS GROWTH
4.3
CREATION OF EMPLOYMENT
4.4
GROWTH OF PARTNERSHIP IN NIGERIA
FUTURE
PARTNERSHIP IN NIGERIA
TABLE OF CONTENTS
CHAPTER
ONE
INTRODUCTION
1.1
General Background Of The Study
1.2
Statement Of The
Problem
1.3
Purpose Of The
Study
1.4
Scope Of The Study
1.5
Research
Questions
1.6
Research
Hypothesis
1.7
Significance Of The Study
1.8
Definition Of Term
CHAPTER TWO
LITERATURE
REVIEW
2.1
Meaning/History of
Partnership
2.2
Merits and Demerits of Partnership In Nigeria
2.3
Problems Hindering or Encouraging The Growth of Partnership In Nigeria
2.4
Contributions of Partnership to the Nation’s Economy
CHAPTER THREE - RESEARCH
DESIGN & METHODOLOGY
3.1
Research Design
3.2
Area Of Study
3.3
Selection Of The Population
3.4
Sample & Sampling
procedure
3.5
Instrument for Data Collection
3.6
Validation of The
Instrument
3.7
Reliability Of The Instrument
3.8
Method of Data Collection
3.9
Method of Data Analysis
CHAPTER FOUR
DATA PRESENTATION
AND ANALYSIS
4.1
Presentation of Data and
Analysis
4.2
Testing of Hypothesis
4.3
Summary of Results
CHAPTER FIVE
DISCUSSION,
RECOMMENDATION AND
CONCLUSION
5.1 Discussion
Result Findings
5.2
Conclusions-
5.3
Implication of the Research
Findings
5.4
Recommendations
5.5 Suggestions For Further
Research
BIBLIOGRAPHY
APPENDIX
I
APPENDIX II
CHAPTER ONE
INTRODUCTION
The aim of this chapter
is to present the introductory they part of this work, which is
sub-divided in the following sub-headings below:
1:1
BACKGROUND OF THE STUDY
Over the years,
especially before and immediately after independence (1940’s-1970’s), business
activity in Nigeria were dominated by government and public establishments.
Little or nothing was known about group business establishments. Few economic
association existed in the form of co-operatives and amalgamations. The economy
survived this economic state because of the resources it was endowed with,
coupled with the fact that there was better management and administration of
the nation’s economy. Although, the nation survived economically, there was
still a need to increase the number of business concerns in the economy, at
least to solve some of the macro-economic problems of the society like
unemployment and others.
However, it is pertinent
to note that this state is unattainable without accelerated growth of business
establishments, which only formation and initiation of enterprises is the
antidote. To solve this problem, the Federal government identified and
recognized three legal ways by which business can be set up in the economy.
These ways include:
The formation of Private
and Public Joint Stock Companies under the Company’s Act of 1961, which was
changed to companies, under the companies Allied Matters Decree of 1990 by the
Military regime under General Ibrahim Babangida.
Secondly, is the
formation of co-operative societies and the last is Partnership Act of 1890.
Meanwhile, the law
establishing partnership business was enacted under registration of business
names Act of Federal Republic of Nigeria in 1961 and was later revised by the
Babangida’s Administration under the companies and Allied matters Decree of
1990. Before this development, Partnership Act was one of the statutes borrowed
into our legal system in 1990, being enacted in 1890.
The partnership business
came into existence as a result of large capital outlay required in setting up
a limited liability company. It was also to maximize the advantages of
incorporated companies over smaller ones
At present, partnership
business has been noticed to be one of the tools conditionally available to
improve the functioning of development which include; creation of jobs,
improving the standard of living of Nigerian citizens, developing
infrastructural educational facilities, as well as social facilities.
However, this project is
project is neither aimed at proving that partnership business is the sole
instrument for National development, nor that development cannot proceed
without partnership firms, but rather, it will show that partnership will have
a positive role in the development process of the Nigerian economy. It is
pertinent to note that this form of business is now in transitional stage of
rapid growth. therefore the effect of any employment
policy by the government will definitely affect the economic system
The case study, Mezue
and Associates, is an Estate Management Firm and a partnership formed
by three(3) persons. It was registered according to the rules and regulations,
governing the Nigeria Institute of Estate Surveyors and Landlords (NIESL) in
1980. The firm went into full business in 1981 as an Estate Management firm, to
provide real professional estate services to the general public. The firm also
indulges in valuation of property services to people that need professional
touch in services rendered to them.
Presently, all the
partners partake in the firm’s management. As a matter of fact, since the firm
is a professional association, all its members must have a minimum
qualification of being a Graduate in Estate Management. Mezue
&Associates has other autonomous branches located in Lagos,
Onitsha, Aba and a head office in Enugu. The autonomy of branches empowers the
various branch managers to take their decisions by themselves, in accordance
with laws governing the firms, otherwise, all “ultra vires” acts
by the members do not hold the firm vicariously liable. For a partner to be
admitted, all the existing partners must be aware, and then the Nigerian
Institute of Estate Surveyors must be qualified too.
Since dissolution is
considered a threat, a partner can only disengage by notifying other members
and the professional body governing the firm.
1:2
STATEMENT OF THE PROBLEM.
Naturally, a business
organization will be constrained by a number of factors that could jeopardize
the successful running of the business. Therefore, the determination of
constraints will be a step towards its mitigation. The effects or impacts of
partnership business can only come to light if some internal and external
variables (problems) are considered and identified.
These problems include:
Ø To investigate the efficiency of
its management.
Ø To investigate the reasons for
lacking continuity.
Ø To investigate into unlimited
liability on the part of some members (partners).
Ø Since people of different walks of
life come together to form a business, there is a possibility f disagreement
among them.
Ø Lack of adequate capital for
expansion.
Furthermore, a critical
analysis will show that inefficient managerial capabiity, is one of the evils
plaguing the partnership business in Nigeria. This is because, ”all Tom,
Dick and Harry” is jumping into partnership with or without the
technical know-how which is a pre-requisite for anyone to be a businessman.
Finally, the researcher
believes that the government ability to enact laws that will remove the
automatic dissolution of partnership business, by the death of a partner or in
the event of bankruptcy of a partner, will go a long way in solving a major
problem.
1:3
PURPOSE OF THE STUDY.
The purpose of the study
can be itemized as follows:-
1. To determine the effects and inputs of business
partnerships in Nigeria
2. To highlight the role of government in the
formation of partnership in Nigeria.
3. To suggest ways of solving the partnership
problems.
4. To examine why some people engage themselves in
partnership.
5. To examine the future hope for various
partnerships and finally
6. To make suggestions and recommendations on the
existing laws governing the partnership business in Nigeria.
1:4
SCOPE OF THE STUDY
In carrying out this
research, one partnership firm was selected for study, of the effects of this
type of business on the Nigerian economy. The firm is Mezue &
Associates located at Ogui-Road in Enugu state.
The general study was
limited by high cost of transport and time involved in sourcing information
from other cities outside the researcher’s base in Enugu.
1:5
RESEARCH QUESTIONS
1. Do you think government
encourages and support partnership business
in Nigeria?
2. What are those factors responsible for the
growth of partnership business in Nigeria?
3. Has partnership business
any meaningful contribution’s to the
nation’s economy, especially in creation of
employment?
4. Over the years, has the
number of partnerships increased in its
growth/formation in Nigeria?
5. Considering the economic
and socio-political instability in Nigeria,
has partnership business a bright future?
1:6
RESEARCH HYPOTHESES.
With reference to the
research questions and research objectives, the following hypotheses were formulated.
Ho: Business
partnership does not contribute satisfactorily to the growth of Nigerian
economy.
Hi: Business
partnership contributes alot to the growth of Nigerian economy
Ho: Business
partnership has no bright future in Nigeria.
Hi: Business
partnership has bright future in Nigeria.
1:7
SIGNIFICANCE OF THE STUDY.
This study is meant to
examine the advantages which Nigeria as a country and her citizens are enjoying
and had enjoyed, since the law establishing partnership was enacted.
The research will also
find solutions to some problems associated with partnership in particular and
business development in general.
However, the findings of
information recorded in this research will provide information for the government
and partners as well as some interested persons, who want to form partnership
business on what and how successful partnership business is.
1:8
DEFINITION OF TERM
Firm: This is regarded as
another name for partnership.
Vicarious liability: Liability or debts transferred to the principal
of a business From the agent
Dissolution: The Closure of an enterprise
/organization.
Disengage: The withdrawal of
persons or
Organization from
carrying out its business
operation.
Economy: This is the sum of all economic activities going
on within the geographical boundaries of a country e.g
Nigeria.
Business: This is every profit oriented and commercial
activities that provides goods and services to satisfy the needs of the nation.
Partnership: According to partnership Act of 1890,Section
(1); it is the relationship, which subsists among one or carrying out business
in common with a view of profit.
Department | Business Administration and Management |
Project ID Code | BAM0182 |
Chapters | 5 Chapters |
No of Pages | 64 pages |
Methodology | Null |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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