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It is sensible when starting a business with one or more partners to draw up a deed of partnership, which contains information such as who are the partners, how much money each person invested in the business, how profits should be shared out and what control over the business each partner has.
Partnerships, just like any other type of business hold both advantages and disadvantages. The advantages are listed on the next page.
? Easy to set up – Just like a sole proprietorship, partnerships are easy to set up, as they require little forms to fill in.
? As only tax authorities need to know information about the company, such as yearly profits/losses, the information can be kept private between the two partners...
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