Partnerships

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  • 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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