Merits
1.easy to establish
2.flexible
3.division of risks
4.strong credit position
5.less governmental regulation
6.improved chance of growth
demerits
1.unlimited liability
2.instability
3.limited resources
4.lack of harmony of interest
5.conflicts
A type of partnership that is not a partnership would be one that does not involve business.
what type of business is a partnership
Partnership is an arrangement where parties agree to cooperate. The most common example of a partnership company is Facebook and Skype.
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.
That depends on the type of partnership. If it's a corporation then yes. If it's an LLC then no.
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Merits-Everyone is Equal. Demerits-Everyone is Equal.