Intro to Business › Section D · Forms of business ownership › Topic D.2
Partnerships
Two or more people who run a business together for profit form a partnership, sometimes without signing anything at all. Sharing the work and the money is the appeal; sharing the risk, including each other's mistakes, is the catch.
In this topic
- Two or more co-owners
- The partnership agreement
- Mutual agency and unlimited liability
- Worked example: one partner pays for all
- Limited and limited liability partnerships
- Advantages of partnerships
- Disadvantages of partnerships
- Worked example: a fair profit split
- Common mistakes to avoid
- Key takeaways
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