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A partnership is an association of two or more persons to carry on business for profit.The next is when one of them dies suddenly; a share of the business could come into less desirable consideration.There are partnerships in professional field such as medicine, law, accounting, insurance, and stockbrokerage Limited partnerships are common forms of ownership in real estate, mining, and others.Partnerships are more advantageous than the sole proprietorship if one needs multiple sources of capital.When the owners of partnership have unlimited liability, they are called general partners.If one or more partners have limited liability, they are called limited partners.
A partnership is an association of two or more persons to carry on business for profit. When the owners of partnership have unlimited liability, they are called general partners. If one or more partners have limited liability, they are called limited partners. There may be a silent partner as well as if a person who is known to the public a member of the firm but without authority in management. The reserve of the silent partner is the secret partner, which is a person who takes part in management but who is not known to the public.
Any business may be operated as a partnership. There are partnerships in professional field such as medicine, law, accounting, insurance, and stockbrokerage Limited partnerships are common forms of ownership in real estate, mining, and others.
Partnerships are more advantageous than the sole proprietorship if one needs multiple sources of capital. On the other hand, besides it is advantageous, there are a number of disadvantages. One is unlimited liability. This means that each partner is responsible for all debts and legal responsibilities in connection with the business. Another disadvantage is that the partner may disagree with each other. The next is when one of them dies suddenly; a share of the business could come into less desirable consideration.
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