A PARTNERSHIP IS A RELATIONSHIP EXISTING BETWEEN TWO OR MORE PERSONS
WHO JOIN TOGETHER TO CARRY ON A TRADE OR BUSINESS. Each partner
contributes money, property, labor, and/or skill to the PARTNERSHIP
AND, in return, expects to share in the profits or losses of the
business. A PARTNERSHIP IS USUALLY BASED ON A PARTNERSHIP AGREEMENT OF
SOME TYPE, although the agreement need not be a formal document. It
may even simply be an oral understanding between the partners,
although this is not recommended. For a business in which two or more
people desire to share in the work and in the profits, a partnership
is often the structure chosen. It is, potentially, a much simpler form
of business organization than the corporate form. Less start-up costs
are necessary and there is limited regulation of partnerships.
A partnership, by virtue of combining the credit potential of the
various partners, has an inherently greater opportunity for business
credit than is generally available to a sole proprietorship. In
addition, the assets which are placed in the name of the partnership
may often be used directly as collateral for business loans. The
pooling of the personal capital of the partners generally provides the
partnership with an advantage over the sole proprietorship in the area
of cash availability.
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31/07/2019 Last update