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Partnerships

Partnerships

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Partnerships

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  1. Partnerships

  2. What is a partnership? • A business agreement between 2-20people, 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