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Essay text:
All partners have a certain amount of control within the business, but some have more than others do.
Advantages of a Partnership
? There are no legal formalities to complete when setting up
? Each partner can specialise in the tasks they do best
? More finance can be raised than if the firm was a sole trader
? Partners can share the workload
? Since the type of business is larger than a sole trader it is in a s stronger position to raise more money from outside the business
Disadvantages of a Partnership
? The individual partners have unlimited liability
? Profits have to be shared amongst more owners
? There may be conflicts of interest amongst partners
? The size is limited to a maximum of 20 partners
? The partnership ends when a partner dies
? Any decisions made by one partner is legally binding on all partners
Examples
Partnerships are often found in accountants, doctors, estate agents, solicitors, and veterinary surgeons...
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