1. Partnerships
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2. Definition
A business or firm owned and run by two or more partners.

3. Facts Don’t pay taxes They pay and separate their earnings together.
Don’t have to complete any paperwork to make the partnership
If your business name doesn’t contain all of the partners’ last names, as in London Landscapes, you usually must register that name.
The partners must fulfill any remaining business obligations, pay off all debts, and divide any assets and profits among themselves to leave.

4. examples
Mcdonalds
Microsoft
Apple
Google
Twitter

5. advantages Simple and inexpensive to set up Access to capital
Shared management/staffing responsibilities
Relatively easy to dissolve or exit and recover your share
More opportunities for tax planning (such as income splitting between family members) than that of a sole trader.

6. Disadvantages
Changes of ownership can be difficult and generally require a new partnership to be established
Potential for disputes over profit sharing, administrative control and business direction.
Each person is responsible for the debts and taxes
The losses of the business are all put onto the two owners, whether one didn’t do anything or not.
In order to start something or complete something you would have to eventually agree with the other’s idea or compromise.

7. Different type of partnerships
General partnership- Each general partner takes part in the management of the business, and also takes responsibility for the liabilities of the business.
Limited partnership- A limited partner does not participate in the day-to-day management of the partnership and his/her liability is limited.
Limited liability partnership- In the LLP, all partners have limited liability.

8. Percentages 8% of businesses in the us are partnerships
3.2 billion partnerships

9. citations
Partnership. (n.d.). Retrieved from
Murray, J. (n.d.). Selecting a Business Partnership. Retrieved from