Partnership is one kind of business where two or more than people operate this business.It is owned jointly number of people.The may be partner, client,friend,family or relative.The partners are jointly and severally liable for any losses that the business could make.It is a traditional business.
There are two or more people are associated.Like a sole trader the partnership is not legally distinguished from its member.Professional assets of the partners can be used.
The more advantage of trading as a partnership is:
- There are more money.
- More resources are available.
- Partner can substitute for each other.
Disadvantage of partnership is:
- There are unlimited liability.
- Management system is week.
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