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Partnership

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A type of business in which two or more individual run the business, shares profit/loss, control, responsibility and finances. All partners are personally responsible for the contracts and debts of the business.

Business Structure:

  • Partnership is a simplest way of setting up a business with two or more individual. Partners share their profit and loss as per partnership agreement.
  • It is relatively easy to take on more partners or remove partners from partnership.
  • Finance is a key for every business; the individual can easily borrow the money and invest in the business.
  • Partners shares their knowledge and skills to run the business successfully.

Dis Advantages:

  • Business partners are personally liable for the debts and contracts of the business.
  • Business partners are jointly and individually liable for the actions of the other partners.
  • Since decisions are shared, disagreements can occur. It may take longer to take important decisions.
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