Partnership

What is partnership?

A partnership is a business where there are two or more owners of the enterprise. Most partnerships are between two and twenty members.

An example of partnership is like John Lewis and some of the major world accountancy firms where there are hundreds of partners. A partner is normally set up using a Deed of partnership.

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Advantage & Disadvantages Of Partnership

Advantages

- Easy to create and maintain , no state information documents

- Management Flexibility (may designate managing partner)

Disadvantages

- If a person is working alone then this is not a thing to be called partnership because there working own there own