Partnership Flashcards
1
Q
Ownership
A
2 or more owners
2
Q
Liability
A
Unlimited liability
3
Q
Finance
A
Owners own capitol
Bank lone
Silent partners
4
Q
Documents
A
Deed of partnership
(Recommended not required)
5
Q
Control/decision making
A
Partners make decisions
6
Q
Advantages
A
Low start up costs, shared work load, specialisation, easier to raise capital, financial privacy, effective decision making
7
Q
Disadvantages
A
Loss of Anatomy, conflict between partners, unlimited liability, lack of continuity, lack of capital
