1. Partnerships

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

3. 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

4. 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

5. 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

6. 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