Fundamentals of Entrepreneurship (ENT300) : Fragrance laundry / Alvin Bitis … [et al.]

The type of business that we have decided to form is partnership. The term partnership in business is defined as a legal business entity with two of more partners. This type of business is carried out by more than one person but must not exceeding 20 persons. Thus, all of us as a partners in this business were agreed to undertake a joint business and joint owned the business. The FREGRENCE LAUNDRY consists of five members Each member will contribute certain amounts of money as agreed in our agreement- Therefore, each partner has share in the company. We decided that the properties are considered as assets of the company. Profits and losses are share equally among the partners. After we have a meeting among ourselves, we decided to pick 1 $ June 2014 as the date of commencement for our business-