Contribution Of Partnership Business To The Economic Growth And Development

INTRODUCTION

Background of the study
Partnership business by McConnell, C.R and Brue, S.L (2005:76) view it like the sole proprietorship, a partnership is easy to organize. It is a natural outgrowth of the sole proprietorship. In a partnership, two or more individuals (the partners) agree to own and operate a business together. Usually they pool their financial resources and business skills. Consequently, they share the risks and the profits or losses. Although the partners usually sign a written agreement, there is not much paper work or legal expense. Also, greater specialization in management is possible because there are two or more participants. And because there is more than one owner, the financial resources of a partnership are likely to be greater than the resources of a sole proprietorship.
The new book of knowledge (2008) defined partnership as a business owned by two or more individuals who are called partners. These partners make business decisions together and share all business profits and losses. They also share in unlimited liability for the business.
The New Encyclopedia Britannica (2005) view partnership as a voluntary association of two or more persons for the purpose at managing a business enterprise and sharing its profits or losses. In the usual partnership, each general partner has full power to act for the firm in carrying on its business, thus, partners are at once proprietors and also agents of their copartners.
A partnership business is relatively easy and inexpensive to establish. Since more than one person is involved, it is also generally easier to raise money for expansion or other needs.
A partnership business, contribute vividly (a lot) to the Economic Growth and Development in the world at larger and also in Nigeria as a country, in Enugu State as a state generally and in Enugu North L.G.A in particular. A partnership also provides an opportunity for specialization, allowing one partner to specialize in production, another in finances, still another in sales and so on. This usually enables a partnership to handle more work than an individual proprietorship. By so doing, it creates job to unemployment people with job satisfaction among themselves.
Partnership business contributes to the economic growth and development themselves.
Partnership business contributes to the economic growth and development in Nigeria by provision at job opportunities to the masses and elimination of unemployment which contributed much in our under-employment.
Co-operative society is one of partnership business. Since the commencement of the co-operative association (sociaty) in the world in 1854 and in Nigeria following the submission of strike land report on 27 April 1974. Partnership business has come to stay and achieve it’s objectives.
The scope of partnership business as an active element in the creation of economic develop has never been a debate. That co-operative society with their integrated resources control inflation by increasing food supply and improved distribution channels both in agriculture and small-scale business.
Partnership business creates employment opportunities hence reducing the unemployment problems facing the country at large and Enugu in particular. Partnership business plays an important role in the mobilization of rural saving. It helps government in the provision of social amenities to the people both urban and rural areas.
But these are not so in the economic growth and development in Nigeria (selected companies in Enugu north L.G.A Enugu state).
There have been general criticisms of the performance of all aspect of contribution to economic growth and development in Enugu North by partnership business. The criticism ranged from inefficiency, corruption and mis-management e.t.c
With this entire problem before these companies in Enugu north, the need for this study should not be over emphasized. The study will therefore suggest better ways/solution to solve these problems facing the companies. It is assumed that if the given suggestions of this study would be carefully followed/taken, there would be an effectively and efficiently human resources management to these companies.

Statement of the Problems
The aforementioned practices of partnership business are however hampered by certain factors in Nigeria Economic Growth and Development in general and Enugu North L.G.A in particular such factors include:
i. Financial constraint: For any enterprise to function effectively, money is needed to procure the needed resources without, which nothing could be done. For the partnership business to function properly, certain activities needed to be performed e.g. manpower planning, job evaluation etc. All these activities requires proper financing.
ii. Unsrilled Partners: There is generally shortage of professional managers and as partnership business requires experts in all its departments to administer its functions.
iii. Poor Planning: This imposes challenges on the functioning of organizational activities, especially in an organization like partnership business in Enugu North particularly.
iv. Organizational Politics: Politics is inevitable in any human setting. It is the struggle between the group and persons within an organization. This results in conflict at interest. These politics can even take place between the partners which will head them not to achieve their objectives.
v. Communication and Information Constraints: Poor and ineffectiveness of communication constitutes a serious problem to partnership business in Enugu North Local Government Area Enugu.
Based on the above issues the researchers want to study the contributions of the contribution of partnership business to the Economic growth and Development in Nigeria. (A case study of selected companies in Enugu North L.G.A).

Purpose of the Study
The purpose of this study is to investigate the partnership business activities to Economic Growth and Development in Enugu North L.G.A. To recommend solutions to these problems facing them which includes:
(i) Inability to manage its Human Resources,
(ii) Corruption in the organization,
(iii) Ineffectiveness and inefficiency by the partners and its employees.

Significance of the Study
The choice of selected companies in Enugu North Local Government Area as a case study of this research work on the contribution of partnership business to the Economic Growth and Development in Nigeria is born out of desire to put them ahead to their challenges.
If partnership business will be properly organized and coordinated accordingly, it will be of great important in Economic growth and development to the masses and the country as a whole.
This study is geared towards finding recommendations to these problems.
This study would be useful to Enugu North Local Government Area which serves as the case study. This is expected to assist the management of this selected companies in looking into their Economic development and growth so far.
The study will also help other companies in the country in mapping out structural and administrative policy.
Finally, this study would be significant to other partnership business as a guide to Economic growth and Development and management in addition, Educators, Administrators, Managers, Teachers and future students, and Researchers would benefit from this study as it ill give them the right trash/directions to follow if they should need to research on a similar topic.

Research Questions
This study sets to find out the contribution of partnership business to the Economic Growth and Development in Nigeria with particular reference to the selected companies in Enugu North L.G.A. This study seeks to provide answers to the following questions.
a. Has partnership business raised the economic well being of the people in Enugu North?
b. Has partnership business has an impact in the economic development in Enugu North?
c. Has partnership business helped in uplifting the living standard of people/masses as a whole?

Scope/Delimitation of the Study
The research work titled the contribution of partnership business to the Economic Growth and Development in Nigeria is very wide to study.
Therefore, to enable me research this work I have to circumscribe my research within a manageable limit by having selected companies in Enugu North L.G.A as my case study instead of Nigeria as a country.

Definition of Terms
This is the explanation of the meaning of some works that are technically used or constantly seen in this study.
i. Selected Companies in Enugu North: This is the chosen case study which the research is being carried out on.
ii. Partnership Business: This is voluntary association of two or more persons for the purpose of managing a business enterprise and sharing its profits or losses. The New Encyclopedia Britannica (2009).
iii. Economic Growth: This is the economy’s most powerful engine for generating long-term increases in living standards. Lipsey & Chrystal (2007).
iv. Development: This is when the best potentials of a man is brought to the fore to solve his problems and make his environment a better place to live in. Nwatu Ralph (2008).
v. Organization: This is the two or more people who work together in a structural way to achieve a specific goal or set at goals. Ihe (1999).
vi. Management: This is the employment and application of both human and material resources to achieve the objectives of an organization in most economical way. Nwudu, Ani & Agbo (2000).
vii. Planning: This is the managerial function concerned with the setting of goals and objective (My Lecture Note).
viii. Objectives/Goal: This is the binding element that brings people together. The objectives can be a problem which is common needs and desire. It is the commonness or common goals that make people to form an organization.