In what ways is monitoring easier in a partnership than in a corporation and in what ways is it not?
In some ways monitoring is easier in a partnership than a corportion, where shareholders monitor directors. I am trying to determine the ways that it is easier to monitor in a partnership and the ways that it is tougher to monitor in comparison to a corporation.
Monitoring can be easier in a partnership because a partnership tends to be a smaller entity. If your business is a relatively small entity, it should be easier to monitor what is going on. There is not a large number of different departments and different processes that all must be monitored. This makes the process of monitoring much simpler.
On the other hand, a partnership might not be so well organized as a larger business. This might make it more difficult to find the facts you need as there will not be such formal procedures for monitoring. In addition, you may not have the ability to hire people who really know how to do monitoring. Instead, you may end up having a person (such as yourself) who is not really an expert trying to monitor everything in a firm where it is more difficult to obtain the information that is needed due to a lack of organization.
You get to deal with your partners on a day to day purpose