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Partnerships - PowerPoint PPT Presentation


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Partnerships. What is a partnership?. A business agreement between 2-20 people , but could have more staff They have unlimited liability Examples:- Vets Doctors Solicitors. How to set up a Partnership?. A Deed Of Partnership needs to be completed. This shows:- The money put in

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Presentation Transcript
what is a partnership
What is a partnership?
  • A business agreement between 2-20people, but could have more staff
  • They have unlimited liability
  • Examples:-
    • Vets
    • Doctors
    • Solicitors
how to set up a partnership
How to set up a Partnership?
  • A Deed Of Partnership needs to be completed. This shows:-
    • The money put in
    • Roles and responsibilities
    • How the agreement can be ended

Anything not covered in this agreement is covered by the Partnership Act 1890

sleeping partners
Sleeping Partners
  • These are people who have invested money into the company but have no active part in running the business
  • They have limited liability
advantages of partnerships
Advantages of Partnerships
  • Spreads the risk more than being a sole trader
  • New skills can be brought to the business
  • More money and resources are brought to the business
  • Accounts are kept private
disadvantages of partnerships
Disadvantages of Partnerships
  • Unlimited liability
  • Sharing the profits
  • Less control of the business
  • Disputes over workload
  • Partnership has to be reformed if a partner dies