Definition: Two or more people who run/start a business together. Deed of partnership is drawn up to stop disputes about profit and workload share. It is a legal document.
Advantages: Facilities, ideas, staff are shared, and more money is brought into the business. The workload can be shared and people can cover for eachother instead of a break never being available.
Disadvantages: It is incorporated, each partner could still be sued. There is still unlimited liability. The profits have to be shared.
Examples: Solicitor, accountants, lawyers, doctors.
Comments
No comments have yet been made