Partnerships
- Created by: Eleanor
- Created on: 22-03-13 21:15
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- Partnership
- Two or more people running a business. Maximum partners is 20.
- Advantages
- Responsibility shared
- Less money needed - comes from all partners
- Family businesses
- Easy to set up
- Decisions shared
- Disadvantages
- Problems if partners leave
- Limit on number of partners
- Unlimited liabillity
- Possible arguments
- Legal costs
- Sleeping partner
- Someone who invests but they don't play an active part in the day to day runnings
- Deed of partnership
- Is a legal document that states the rules of the business.
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