Featured on App of the Day for the 3rd time

Did you have any prior development or coding experience?

Yes, I have coding experience from working on previous projects.

What was the most challenging aspect of developing this mobile app?

This is my first time creating an app with this kind of project structure. The features available in this app require access to various Android, Google and third-party facilities. I was able to overcome these challenges with the assistance from resources already available on the internet.

Name a few of your favorite apps and reason/s you love them.

• Music Player by Apps10x: This app has a simple but elegant interface and the fact that this app has managed to collect over 1.5 million reviews is really amazing.
• Music Players by Mobile_V5 and Leopard V7: These two apps have brilliant in-app features such as powerful equalizers unlike default music players that come installed on most Android devices.

How long have you been working on this app?

I have been working on this app since November 2021.

Thanks Farhan Karim for yet another interview. For the complete interview, click the link below.


Featured Again on App of the Day

Paget Maanige is a Ugandan developer at Dogmaz Software. He started creating Android apps in late 2017. His aim is to educate and entertain through code.

1.    Did you have any prior development or coding experience?

Yes, I have created Android apps. I was in fact featured a while back for my Business Startup Android app.

2.    What was the most challenging aspect of developing this mobile app?

Drum Pad Afro-beat is unlike any app I have ever made. There are many parts to the app like audio, different button color patterns, instrumentals, creating song art covers and more.

3.    Name a few of your favorite apps and reason/s you love them.

Business Startup is among my favorite apps since it is now ranked among the top five in the business category on the Google App Play Store.

Drum Pad Machine by EasyBrain is an exciting music maker.

Drum Pads 24 by Paul, I think Paul started the drum pad phenomenon. I have a lot of respect for these two great music maker app creators.

4.    How long have you been working on this app?

I got the idea months back but struggled to create a blue-print. I then started working on the app sometime in early or mid-2019. A fairly representable version of the app was put up in alpha stage on the Play Store in January 2020. I then released a couple of beta versions throughout January and part of February 2020. On 20th February 2020, I released Drum Pad Afro-beat to production.

5.    What need of the user did you have in mind when developing this app? (minimum 10 words).
I want users to create Afro-beat music with amazing rhythms, loops and FX effects. The app enables users to record their music and listen in at a later time or even show off to their friends.

6.    In what way do you think your app is better than similar apps on the market? Please describe in detail what innovation you think you bring and what you are proud of in your app. Write it in personal way.

The GENRE of music my brother and I are basing this app on. This is the first music beat maker app that solely focused on Afro-beat, Lingala, Kidandali and more African music genres.

7.    What are your future plans and expected features of the coming new versions of this app?

All the music is this app is so far done by Erasmus aka Producer Razmizy, Am planning to feature other producers like Producer Quas. We are already in talks with Producer Baru and Producer Nature. We are looking forward to bringing in music by a band of a friend. In short there is a lot of music lined up for the app. All these are well known producers here and I look forward to bringing more original content from amazing Afro-beat music makers. My aim is to add at least a new sound pack every month.

Am still working on the recording feature of the app. I want to make the recording internal and not through the microphone. This will be especially useful to users with low-end devices.

8.    Assuming new users of your app are reading this page. What do you want to ask them to do (contact you about X, Share the app, etc.)?

It’s always amazing receiving feedback from you. Please share our app with your family and friends. Post what you have created with Drum Pad Afro-beat on social media with the hash tags #drumpadafro #drumpadafrobeat

For details on the interview please follow the link

Why Start a Business?

Photo by Gabriel Matula from Unsplash

Tip: I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me 30 years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, TENACITY OF PURPOSE IS SUPREME (Aliko Dangote. Businessman and Entrepreneur)

According to research majority of millionaires and billionaires are self-made and have made it through creating or being part of a business.
If you have already decided that you want to start a business of that one thing you are very passionate about, then consider the fact that with starting this business you need to understand that businesses take a lot of commitment, dedication, hard work and constant evaluation in order to flourish.
Do not expect to get financially wealthy overnight. Below are a few reasons to start a business.

Reasons for Starting a Business

1. Reach your Dreams

If you have always wanted to be wildly successful, starting our own business could be a great start.

2. Leave an Inheritance

Pass the business down to your children and grandchildren.

3. Abundance of Resources

With the dominance of the Internet, it’s easier than ever to find resources you need, including loans, grants, mentors and even startup capital.

4. There’s Nothing Stopping You

What’s really keeping you from being an entrepreneur? Of course there are risks, but there’s nothing forcing you not to take them.

5. Make the World a Better Place

This may seem like an unrealistic goal for you right now, but your business really could make the world a better place.

Benefits of Operating a Business

There are many benefits to starting your own business and these are some among many

1. Rewards

Not everyone defines reward the same way. For some it might be seeing a new venture grow and succeed.For others it may be conquering the unknown and striking out on their own. However you define reward, starting a new company might hold that promise for you.

2. Being Your Own Boss.

When you start a business and are self-employed, you are your own boss and ultimately control your own destiny.

3. Income.

Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.

4. Flexible hours

Owning your own business is hard work and often requires long, odd hours. In some cases, having your own business may allow you to have more flexible hours.Many stay-at-home parents, for example, choose to become entrepreneurs.

5. Purchasing an existing business

While it may not be viewed as “starting” a business, purchasing an existing business has proven beneficial for many business owners—but it undoubtedly requires both financial and time investments.For businesses that are already profitable, these new business owners jump past the true startup phase into running a mature business.

6. Income

Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.

Read the whole E-book Today for Free <- Click Here

Challenges of Operating a Business

Although there can be many benefits to starting your own business, you will also face challenges and some of these are:

1. Loneliness

It’s a rarely mentioned problem of entrepreneurship, and many new business owners aren’t prepared for it until it happens.Being an entrepreneur is lonely. It’s a singular position, so you won’t have teammates to rely on (completely).You’ll be working lots of hours, so you won’t see your family as often.And your employees will be forced to remain at a bit of a distance

2. Decision-making

Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones.Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.

3. Being the Visionary

As the founder of your startup, you’ll be expected to come up with the ideas.When a competitor emerges, it will be your responsibility to come up with a response plan.When your team hits an impenetrable obstacle, your job will be to come up with an alternative plan to move forward.This demands on-the-spot creative thinking — which should be an oxymoron, but entrepreneurs rarely have the luxury of time.The less experience you have, the more pressure you’ll feel from this, and the harder time you’ll have coming up with acceptable plans.

4. Rule-making

It’s fun to be the boss until you have to enforce something.Sooner or later, you’ll have to come up with the rules your business follows, from how many vacation days your workers get to what the proper protocol is when filing a complaint about a coworker.These details aren’t fun to create, and they aren’t fun to think about, but they are necessary for every business

5. Abandoning Another Career

If you’re going to dedicate yourself to starting and nurturing a business to success, it’s going to be nearly impossible to simultaneously manage another career.Walking away from a promising, steady long-term opportunity for something unpredictable is scary — especially if you’ve never run a business before.Unfortunately, there’s no easy way to address this. Just think through your decision logically, and don’t ignore your instincts.

6. Team Building

This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team.Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.

7. Financing

Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers.They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.Even if their first business went under, they’ve likely made investment contacts and client connections necessary to give them a leg up in a new enterprise. As a new entrepreneur, you’ll be starting from scratch, which means you’ll need to start networking like crazy and thinking through all your possible funding options before landing on one.

Read the whole E-book on Starting Your Own Business Today <- Click Here

Featured in WebAppMarket’s Email Letter

It is always an amazing experience when our apps are recognized by journalists and reviewers around the world. We were honored for being reviewed on this amazing website in June of 2020. Business Startup https://thewebappmarket.com/business-startup-entrepreneur-mindset/ and Drum Pad Afrobeat https://thewebappmarket.com/drum-pad-afro-beat/

On 28th December 2020, I received another email from Karla Williams, the PR Media & Partnerships Head at The WebAppMarket with an offer to feature us in their email letter. We at Dogmaz Mobile are humbled for this opportunity. Thanks to all our supporters and friends for bringing us this far by using our applications. Happy and Prosperous New Year to you all. Thank you The WebAppMarket for this golden opportunity yet again.

My Interview with Editor of App of the Day

1.    Did you have any prior development or coding experience?

Yes, I did a bit of development on games but I had only been coding for few months before graduating from university.

2.    What was the most challenging aspect of developing this mobile app?

Researching and creating the content. This also being one of my first apps frightened me.

3.    Name a few of your favorite apps and reason/s you love them.

  • I was inspired by Entrepreneur Mindset by Afradad Media during my campus days at Kyambogo University.
  • Apps by Tulipdev also inspired projects I later created. The developer at Tulipdev also assisted me in creating one of my apps (Motivation app).
  • La Musique app by Ankit Srivastava. I got to learn of Ankit from Quora when Business Startup had about 8,000 installs. I was struggling to market the app. Ankit’s story inspired me to reach out to editors and tech communities all over the world.
  • Drum Pads Machines by Easybrain and Drum Pads 24 by Paul Lipnyagov. They are the inspiration to my current project Drum Pads Afrobeat.

4.    How long have you been working on this app?

I started working on Business Startup weeks before my University graduation in November 2017. I managed to successfully research, code and upload the app in February 2018.

5.    What need of the user did you have in mind when developing this app? (minimum 10 words).

I want my users to have financial freedom through business. Unemployment is high especially here in Africa. I wanted to inspire fellow youth to start and grow legitimate businesses.

6.    In what way do you think your app is better than similar apps on the market? Please describe in detail what innovation you think you bring and what you are proud of in your app. Write it in personal way.

Business Startup – Entrepreneur Mindset has tips from successful entrepreneurs from all over the world such as Aliko Dangote, Jack Ma, Sara Blakely, Warren Buffet, Sudhril Ruparelia and others at the start of each chapter. Each tip relates to the chapter it’s in and content in the app is detailed and on point.

7.    What are your future plans and expected features of the coming new versions of this app?

My future plans for Business Startup – Entrepreneur Mindset

  • I plan on starting a community within the app. Conversations within the app would be of positive impact to community.
  • Am going to incorporate Volume Two into Business Startup. Here I’ll educate on topics like Product Marketing

8.    Assuming new users of your app are reading this page. What do you want to ask them to do (contact you about X, Share the app, etc.)?

New users are very welcome to try out the app. Please share the app with friends and family. Watch out for updates as well. This is just the beginning.

Click here for the edited version of the interview on Download Astro

Making Passive Income on the Internet as an African

Photo by Sharon Mccutcheon from Unsplash

You should learn from your competitor but never copy. Copy and you die.

Jack Ma

What have I learnt over the past two years of online business?

It isn’t easy starting with nothing to make money online but the results are always worth the hustle.

The internet is a whole different place compared to the real world. Once you open a shop in town (let’s say somewhere in Kampala or Lagos) people will flock into your shop within a week. People on the internet on the other hand don’t give a damn about your website or what you are selling.

Even if you have the best book, software, music track or short-film you won’t get anyone visiting your personal website unless you market your content. Getting tens of thousands of people to your website won’t also be enough to make you money to pay your rent or buy you a house.

Very often things happen on the Internet that take people’s attention for example fake news, breaking news, meteor rocks almost hitting the earth and the latest movies. This is why you have to learn to positively impact people’s lives for free as a way of gaining loyal traffic. This cold traffic will soon be paying close attention to your content and with a well implemented Email list set up (i.e GetResponse or MailChimp*I don’t recommend for affiliate marketers*) they will become your paying clients (3% of all cold traffic) for life.

The best way I would recommend anyone to start making money on the internet is through Affiliate marketing programs. Something you have to understand is that affiliate marketing is very rewarding to the PATIENT, DISCIPLINED and STRATEGIC.

There’s a reason why affiliate marketing is loved by Bloggers, Youtubers and Social Media Influencers and this is because;

  1. You do not need to have a PRODUCT of your own to get started.
  2. You do not require capital to start affiliate marketing.
  3. You will learn how to sale and market any product to anyone

I would like to add amazing value to your table if you are thinking of joining affiliate marketing and I will provide you with this information free of charge (no strings attached)

I am a Ugandan and from my hustling experience these affiliate platforms are very easy to sign up with as a Ugandan and have a very good history of making people 6 figures (xxx, xxx) in US dollars monthly income.

  1. Amazon Affiliates (low commissions 0-10%, wide user base, you’ll require your TIN to register)
  2. CJ Affiliates (home of big companies like airlines, low and high commissions, TIN from URA required)
  3. JVZoo(No TIN required, upto 50% commissions, only digital products)
  4. Market Health(No TIN required to get started, only health products are available for marketing)
  5. Impact (big brands, no data yet)
  6. Clickbank (digital products but unavailable to Ugandans although there are ways around this but I don’t recommend you do this)
  7. ClickFunnels (require a TIN, must have a Paypal account,  40% commission)

How does Affiliate marketing work?

It is very simple in theory but gets a bit complicated practically. That’s why you have to be disciplined and patient. Imagine this as your house, taxi or bodaboda (it won’t be easy making money in the first days and months) but as soon as you get the layout of the business and how things are done. You will be financially smiling for a long time (unless the internet crashes forever).

Here’s what you are going to do

You’ll sign up with these platforms the same way you signed up with Facebook, Twitter or Gmail. Once you are through with signing up, you will have access to the platform’s free tools. What you now look for are the most sold products on the platform and get your affiliate link to that product.

For some platforms like Clickbank and MarketHealth, acquiring these affiliate links is very simple.

Platforms like JVZoo and CJ affiliates require that you first request the vendors permission to acquire access to an affiliate link.

Now that you have your affiliate link you have a tool to make yourself money but this money isn’t going to be easy to make unless you already have thousands of Youtube subscribers or an email list with hundreds of online clients.

You’ll need to start a blog for FREE with WordPress (start simple). Get a NICHE to be blog about (assuming you photograph at weddings) you’ll blog about weddings and post your best photos from these wedding events. Mid way your blog post, you’ll add your affiliate link to the camera or digital software you use to edit your photos. With time you’ll be making sales and the amazing thing about these companies is that INCOME is MONTHLY and RECURRING (i.e ClickFunnels).

Recurring means you’ll keep making your 40% commission every month as long as the person that signed through you is a member of the company. Basic Entrance into ClickFunnels is about 67$ and Premium Entrance is about 297$. This means you will make 26.8$ per month as long as the client is a member of ClickFunnels through the Basic Entrance Program. Now if 10 clients signup with ClickFunnels for basic entrance you will make yourself 268$(991, 600Ugx) per month, 100 clients you will make 2680$(9, 916, 000Ugx) per month. How about if you get ClickFunnels premium clients?

Note:- Visit their website for the exact entry fees

 ClickFunnels is a very wealthy company so wealthy that they even give out cars(Tesla, Corvette, Lexus, name the car of your choice) to the best affiliates. They thrive off your progress, the more clients they get the happier they’ll be.

Start your own Youtube channel, it’s free.. You’ll thank me 5 years from now depending on how SERIOUS you are.

Top 5 Trending Business Android Apps of (July 2019)

Believe in yourself. You are braver than you think, more talented than you know, and capable of more than you imagine.

— Roy T. Bennett


Business Startup – Entrepreneur Mindset is a free offline E book by Dogmaz Studios. This app was released on February 16th 2018. There are amazing tips in each chapter by very successful entrepreneurs from every continent around the world. The app is for Entrepreneurs thinking of starting or growing their business, This Android app contains 9 chapters regarding the requirements to start a business, the huddles one will face and the benefits. The application educates on how to graduate from a sole proprietor to a beneficial partnership and then later to a legitimate respected company. Included are profiting business ideas


Business Plan and Start Startup was created by Alex Genadinik and was released on April 30th 2016. This application is a business planning and motivation tool, you can ask questions to their entrepreneur community of over 1 million people about any part of your business plan or any part of starting a business, all right inside their mobile app. It is a simple but very productive tool.


Everybody loves success. Why wouldn’t they? This wonderful Android app goes over many helpful tips and tricks that will readers guide them towards earning more money in their lives. This application was made by White Apps Dev and was released on July 5th 2019. The application already has an audience of over 500,000 Android users with over 2000 ratings at an average rating of 4.7 stars.


I’ll be honest with you, this is the app that inspired me to create the Business Startup – Entrepreneur Mindset app two years back. It is very educative and I would recommend everyone out there to read through the contents in Entrepreneur mindset app book. The application was made by Afradad media and was released on March 3rd 2015.

Download this app and get 101 free tips to become successful entrepreneur!


This Android application was created by Entrepreneur Media. The app has a decent rating of 3.8 stars from over 600 users. What I found amusing where the inspiring video collection as well awesome entrepreneurial articles. Some users have complained of crashes when starting the app but other than that I recommend readers try this application.

Growing Into a Company

Photo by Hieu An Tran from Unsplash

Tip I: “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without[integrity], you really want them to be dumb and lazy.” (Warren Buffet. Investor, Business Magnate)

Tip II:”If we weren’t still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become a mediocre company.” (Bill Gates. Co-Founder Microsoft, Investor)

A company represents the third stage in the evolution of business organizations, the first two being sole proprietorship and partnership respectively.

A company is an association of people formed for economic gain of its members who contribute money’s worth to a common stock (ordinary shares).

A company has a right to act as a natural being granted by law.

Benefits of Running a Company

1. Limited Liability

If a client submits a compliant to the authorities and files a lawsuit against you. To protect the company assets, the company management can seek liability insurance for the business.

2. Doing what you Love

Working in an industry you are very passionate about keeps you in check during the toughest times. As a business owner you have the ability to innovate, create and contribute immensely to society and therefore gaining personal satisfaction.

3. Easy to acquire Funding

Companies have higher chances of obtaining loans and debentures since they can afford collateral security.

4. Huge Capital Base

The availability of capital is enormous due to the big membership and their contributions

5. Business Control

Owning your own business gives you the power to be a part of every step of the decisions made that help in building the business or else you could hire people to do that for you.

Start Your Own Online Business Today <- Click Here

Risks of Running a Company

1. Hectic Schedule

Most business owners work very long erratic hours. Most people view hectic long work hours as a con but work schedules are mostly rough during the first days of the business. Business owners must handle most of time consuming administrative tasks as this responsibility lies in your hands, therefore you’ll experience days when you will have to spend most of the nights in the office to complete these tasks.

2. Financial Risks

You will get financial trouble along the way and that is part of being in business. All money invested in companies is always at risk. There is even a possibility that you will lose all your initial capital and even fail to pay back your business loans. Even with a well thought out plan, the economy it self is capable of drowning your business and forcing it’s closure

3. Stress

There are very many things to worry about as a business owner for example competition, bills to be paid, customer problems, faulty equipment. You are always going to be held responsible for the well being of the company employees

4. Undesirable Duties

You will often get very discouraged by the details of the company work for example doing paper work, but this will rarely affect you if you are passionate about your industry. You will also have to fire unproductive employees which will not be an easy task to perform.

5. Sacrifice

When running a company you will have less time to yourself than you would have working for some one else. Unlike what you have heard about business in theory, the reality is that business is very time consuming.

Types of Companies

1-Statutory Company

This is a company formed by the Act passed either by the central or state legislature. Such companies are governed by their respective Acts and are not required to have an Articles of Association (AOA) and Memorandum of Association (MOA).

2-Registered Company

This is a company formed by registration under the Companies Act. The working of such a company is regulated by the provisions of the Companies Act, AOA and MOA. A registered company may be any of the following

a) Limited by Shares Company

This is a company having the liability of its members limited by the memorandum to the amount unpaid (if any) on the shares respectively held by them.

b) Limited by Guarantee Company

A Guarantee company in which the liability of its members is limited by the memorandum to such amounts as the members may undertake by memorandum to contribute to meet the deficiency of the assets of the company in case its being wound up.

c) Unlimited Company

This is a company that does not have any limit on the liability of its members.

3-Government Company

This is a company of which not less than 51% of the paid up capital is held by the central government.

4-Foreign Company

This is a company which is incorporated outside the country but with a place of business in the country.

5-Public Company

This is a company whose AOA does not contain requisite restrictions to make it a private company. A public company needs a minimum of seven persons for its registration.

6-Private Company

By AOA a private company is described by the following features. It is required by law to add the words “private limited” at the end of its name. Restriction of membership to 50 persons excluding the past and present employees of the company who are members of the company. It prohibits any invitation of the public to subscribe to its shares or debentures.

Start Your Own Online Business Today <- Click Here

Creating a Valuable Partnership

Photo by Melissa Askew from Unsplash

Tip: “Great things in business are never done by one person they are done by a team of people.”(Steve Jobs, Co-founder, Chairman and CEO Apple Inc.)

Many small businesses such as professional practitioners, retail, service providers are organized as partnerships. Partnerships are very essential in the business world and are in fact considered as the second stage in the evolution of the business first being sole proprietorship.

A partnership is an agreement between two or more people who have decided to enter into business with the intention of earning profits.

Partnerships may be established formally by means of a partnership deed or agreement. The partnership agreement is a very important guide for partnerships to exist in harmony.

Contents of a Business Partnership Agreement

  • Names of the business partners
  • Nature and kind of business
  • Capital contributed by partners
  • Interest on the Capital (if it exists)
  • Salaries paid to the active partners
  • Drawings to be made by the partners
  • Interest on the drawings(if it exists)
  • Duties of the partners
  • Valuation of good will
  • Duration of the partnerships

Benefits of Starting a Business Partnership

1. Skills and Experience

Starting partnerships with people who have different qualifications

gives the business potential to thrive.

2. Risk is Spread

With an increased number of business owners, the losses incurred are

shared among many.

3. Effectiveness

Different minds encourage creation of better products and services

even if they are non profit or for profit.

4. HR Development

Competence among workforce will be encouraged and this will therefore

enhance the staff’s professional skills.

5. Stability and Impact

Achieving greater reach by being effective and efficient implies an

increased and sustained development impact.

Start Your Own Online Business Today <- Click Here

Risks of Starting a Business Partnership

1. Implementation Challenges

Day-to-day demands of delivering a partnership program as a collaborative venture, with all the additional management, tracking, reporting and evaluation requirements that entails

2. Drain on Resources

Commitment of time and energy of key staff in partnership building and project development in addition to any additional financial or other resource contributions

3. Negative Reputation

When partnerships go wrong causing damage to the reputation or track record of individual partners by association.

4. Loss of Autonomy

The challenge of shared decision-making processes; the need for building consensus with partners before action can be taken and the implications of wider accountability (to other partners and to wider beneficiaries)

5. Unlimited Liability

Members have unlimited liability which implies that in the event of the business winding up the proceeds from the business assets cannot cover the obligations therefore partners are calledt upon to raise funds towards the debts incurred.

Types of Partners

1. Nominal Partner:

This is a person whose name is used as if he or she was a member of the firm, but who in reality is not a partner. He or she is liable to the third parties who give credit to the firm on the strength of he or she being a partner in the business.

2. Partner in Profit Only:

This is a partner who only shares the profits but does not share the losses made. He or she does not take part in the management of the business but is liable to third parties who deal with the partnership.

3. Sub Partner:

This is a partner who gets the shares of profit from the firm through one of the partners. He or she is not liable against the firm and is not liable to the third parties for the firm’s debts.

4. Dormant Partner:

A dormant or sleeping partner is a partner who does not actively take part in the day to day partnership activities. Although he or she does not participate in the daily running of the business he or she has a right to the books of accounts and also sharing of profits and losses in the agreed ratios.

5. Minor Partner:

This partner can be admitted to the benefits of the existing partnership with the consent of all the partners. A minor partner is not personally liable for the debts of the firm but he or she shares in the partnership profits and benefits.

Characteristics of Partnerships

1. Limited Life

The existence of a partnership is determined by years set in the partnership agreement.

In case such a detail is not added to the agreement then the death, bankruptcy, inability to carry out specific responsibilities or withdrawal leads to termination of the partnership.

2. Ease of Formation

Apart from registration of the business, partnerships have few requirements.

3. Transfer of Ownership

Even if it is easy to dissolve a partnership, the transfer of ownership whether to an existing or new partner, requires approval of the partners.

4. Management and Operations

Among most partnerships, partners are involved in the day to day operations of the business.

This involvement in the operations makes critical decision making easier as formal meetings are not required.

5. Number of Partners

When there are many partners within a business, day to day critical decision making gets complicated.

Therefore decision making in partnerships tends to work well with a small number of partners.

Dissolution of a Partnership

1. Losses

Considering profits are no longert being generated by the partnership, the partner may agree to dissolve thet partnership.

2. Tragedy

In case something tragic occurs to the business such as government intervention into the business for failing to follow regulations or death of a partner.

3. Expansion

Growth of the business to an extent of requiring converting the partnership into a limited company for day to day operations to continue smoothly.

4. Irreconcilable Differences

Assuming the partners no longert agree on business operations within thet firm then dissolving the partnership is thet rational thing to do.

5. Retirement

Mutual agreement between the parties when one or more of the partners retire(s) or has he’s/her partnership(s) contract expires.

Start your own Online Business Today! <- Click Here