Partnership
- Created by: megangore
- Created on: 30-03-16 10:43
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- Partnership
- Definition
- A group or association of between 2 and 20 people who agree to own and run a business together
- Advantages
- share expenses, responsibility, and decision making
- the owners have complete control over the business
- more capital is available to invest
- individual partners can offer specialisms
- continuity- partners can cover eachothers absence
- disadvantages
- disagreement between partners
- the business is an unincorporate business (if one partner dies, the business would cease to exist
- the business has unlimited liability
- the number of partners is limited to 20
- one partner could be unreliable or dishonest
- Definition
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