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What are the advantages and disadvantages of a partnership businesses?
Wiki User
∙ 10y ago
Some advantages of a partnership business is that the gains and losses are shared, you share the resposibilities, and it's easy to set up. But some disadvantages to a partnership business is that each partner is 'jointly and severally' liable for the partnership's debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts, there is a risk of disagreements and friction among partners and management, and each partner is an agent of the partnership and is liable for actions by other partners
Wiki User
∙ 10y ago
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The advantages and disadvantages of a partnership?
One disadvantage to having a partnership is the fact that you have to share your profits. An advantage to having a partnership is the fact that if the business fails you can share the losses.
What disadvantages does a partnership have when compared to a private limited company?
If the partnership go into debt, you can lose personal assets aswell as the businesses assets. A private company's assets can only be ceased if the company go into debt.
What are disadvantages of partnership?
The disadvantages of a partnership is that you have to run every decision by the other person. You also have to split any profit 50/50.
Advantages and disadvantages of partnership business?
Risk of argument between the partner's,Partners have joints several liability and losing their personal assets,If either partner was in competed or dishonest
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There are several different legal forms of a business. One can form a corporation, limited liability corporation, partnership, or sole proprietorship. All of them have advantages and disadvantages.
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One disadvantage to having a partnership is the fact that you have to share your profits. An advantage to having a partnership is the fact that if the business fails you can share the losses.
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