partnership

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  • Partnership
    • Disadvantages
      • unlimited liability for all the partners
      • profits are shared
      • no continuity of the business, business must reform
      • all partners are bound by the decisions of any one
      • not possible to raise capital enough
      • sole trader would lose in-dependency of decision making
    • Advantages
      • partners may be specialize in different tasks
      • decision making shared
      • additional capital injected by the business
      • businesses losses are shared between partners
      • greater privacy and fewer formalities than companies

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