• Two types of partnerships:
    These two individuals have agreed to share the profits and losses of a business with one another.
    These two individuals have agreed to share the profits and losses of a business with one another.
    • General Partnership: All partners are involved in every day decisions
    • Limited Partnership: At least one partner is not involved in every day decisions, most often they are providing financial support.
  • Advantages: Easy to establish.
    • No special taxes.
    • Easier to get starting capital.
  • Disadvantages:
    • Shared responsibility.
    • Risk (unlimited liability).




Summary:

Two people owning a business together.