Partnerships Flashcards
1
Q
Partnership
Advantages
Disadvantages
A
A partnership is a business that is jointly owned and controlled by more than one person
Advantages - more than one source of capital
Partners can specialise, which means concentrating on a area of expertise
Quicker and easier to set up than a limited company
Disadvantages -
the profits have to be shared between the partners
There can be disagreements between the two partners
The partners still have unlimited liability
The partners should produce a deed of partnership
