Partnerships.

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Presentation transcript:

Partnerships

What is a partnership? A business agreement between 2-20 people, but could have more staff They have unlimited liability Examples:- Vets Doctors Solicitors

How to set up a Partnership? A Deed Of Partnership needs to be completed. This shows:- The money put in Roles and responsibilities How the agreement can be ended Anything not covered in this agreement is covered by the Partnership Act 1890

Sleeping Partners These are people who have invested money into the company but have no active part in running the business They have limited liability

Advantages of Partnerships Spreads the risk more than being a sole trader New skills can be brought to the business More money and resources are brought to the business Accounts are kept private

Disadvantages of Partnerships Unlimited liability Sharing the profits Less control of the business Disputes over workload Partnership has to be reformed if a partner dies

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