1. Partnerships
Unit 8.2

2. Characteristics of a Partnership
A Partnership is similar in many ways to a sole proprietorship, in that the partners all own and are responsible for the business.
Partnerships are businesses run by 2 or more people, who share profits (not always equally), and depending on the type of partnership, can be limited in liability from what your partner does.
Partnerships account for about 7% of all businesses and 5% of all sales.
General Partnership
Limited Partnership
Limited Liability Partnership (LLP)

3. Advantages of Partnerships
Easy to Open and Close
Few Regulations
Access to Resources
Joint Decision making
Specialization

4. Disadvantages of Partnerships
Unlimited Liability
Potential for Conflict
Limited Life