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THE PARTNERSHIPTHE PARTNERSHIP

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StartStartYr 2Yr 2

??Click here lastClick here last

SHARE COSTSSHARE COSTS

RAISE MONEY RAISE MONEY TOGETHERTOGETHER BOTH SPECIALISEBOTH SPECIALISE BOTH FRIENDSBOTH FRIENDS

SHARE IDEASSHARE IDEAS

DEED OF PARTNERSHIP

HHHJJNNNNNNNNNNN NNBBNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNBBBBBBBBBBJJJJ NNNNNNNNNNBBBBBBBBBBBBB NNNNNNNNNNNHBBBBBB VVVVVVVVVVVVV JJJHHHHHHHHHHHHHHHHHHHTT

Have you completed your self assessment tax form? Hit +10K if you have.

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Costs are shared by partners. Hit +10K if you have this.

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FREEBONUS

SHARE COSTSSHARE COSTSSHARE COSTSSHARE COSTS

Cash flow problems could reduce turnover . Hit +10k if you have arranged an overdraft.

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You are sued by a customer who slips on your floor. Hit 10K if you have 3rd party liability protection.

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It is easier for a partnership than a sole trader to raise money. Hit 10K if you have this card.

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FREEBONUS

RAISE MONEY RAISE MONEY TOGETHERTOGETHER

Your partner could specialise in things you struggle with. Hit 10K if you have this card.

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BOTH SPECIALISEBOTH SPECIALISE

You might have a major fallout with your partner. Hit 10K if your partner is a trusted friend.

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BOTH FRIENDSBOTH FRIENDS

Your partner threatens to leave and demands 50% of the firms profits. Hit 10K if you signed a deed of partnership.

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DEED OF PARTNERSHIP

HHHJJNNNNNNNNNNN NNBBNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNBBBBBBBBBBJJJJ NNNNNNNNNNBBBBBBBBBBBBB NNNNNNNNNNNHBBBBBB VVVVVVVVVVVVV JJJHHHHHHHHHHHHHHHHHHHTT

BBHHBH HHHHH

‘Two or more heads’ are better than one. Hit 10k if you pool ideas.

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FREEBONUS

SHARE IDEASSHARE IDEAS

The LA suspect you of selling beer on your premises. Hit 10K if you have a licence to sell alcohol.

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The authorities believe that you have been playing music to your customers. Hit 10K if you have a licence.

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Major financial problems due to credit crunch. Your bank calls in their £100,000 loan and £150,000 business mortgage.

Work out whether you can pay

Update your accounts

CLICKHERETO

RETURN TOACCOUNTS

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AUTO

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MONTHS

30

20

10

0

FIGURES IN 000’SPROFIT

RETURN TO GAME BOARDRETURN TO GAME BOARD

+10K

+10K

10 THE PARTNER WORD GAMETHE PARTNER WORD GAME

W1 W2 W3 W4 W5 W6 W7 W8 W9 W10

SELECT WORD NUMBER BELOW

W11 W12

WORD 1

WORD 2

WORD 3

WORD 4

WORD 5

WORD 6

WORD 7

WORD 8

WORD 9

WORD 10

WORD 11

WORD 12

10

RETURN TO GAME BOARD

Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10

SELECT QUESTION BELOW

THE PARTNERSHIP QUIZTHE PARTNERSHIP QUIZ

Starting up as a partnership is the easiest way for one person to set up in business.

Starting up as a partnership is the easiest way for two people to set up in business.

Starting up as a partnership is the hardest way for two people to set up in business.

THE PARTNERSHIP Q1THE PARTNERSHIP Q1

INCORRECT

A partnership does not have legal status.

A partnership has legal status.

A partnership can continue for ever.

THE PARTNERSHIP Q2THE PARTNERSHIP Q2

INCORRECT

A partnership has limited liability.

A partnership has unlimited liability.

A partnership has limited labels.

THE PARTNERSHIP Q3THE PARTNERSHIP Q3

INCORRECT

Only the partnership can be sued.

An individual partner cannot be sued.

Any entrepreneur who joins a partnership could be sued if any partner is negligent.

THE PARTNERSHIP Q4THE PARTNERSHIP Q4

INCORRECT

A partnership can only have two partners.

A partnership can have any number of partners.

A partnership can have between two and twenty partners.

THE PARTNERSHIP Q5THE PARTNERSHIP Q5

INCORRECT

A partner can make a decision without consulting the other partners.

A partner must consult with other partners before making decisions.All partners must by law make decisions together.

THE PARTNERSHIP Q6THE PARTNERSHIP Q6

INCORRECT

Each partner can invest their own money in the business.

A partnership can sell shares to raise money.

Only one partner is allowed to invest money in the business.

THE PARTNERSHIP Q7THE PARTNERSHIP Q7

INCORRECT

A ‘sleeping partner’ invests money in the partnership but does not help run it.

A ‘sleeping partner’ helps to run the firm but does not invest money in it.

A ‘sleeping partner’ stays asleep all day.

THE PARTNERSHIP Q8THE PARTNERSHIP Q8

INCORRECT

Every partner is entitled to receive profits in proportion to the amount they invested.

A Deed of partnership needs to be drawn up to say what proportion of profits each partner will receive.

By law partners receive a fair percentage of any profits.

THE PARTNERSHIP Q9THE PARTNERSHIP Q9

INCORRECT

Partners must all do the same tasks in their firm.

Partnerships cannot employ staff unless they too are partners.

Partners can specialise in tasks that they are good at.

THE PARTNERSHIP Q10THE PARTNERSHIP Q10

INCORRECT