Partnerships Flashcards

1
Q

Who owns the business?

A

The partners

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2
Q

Number of owners?

A

2-20 people

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3
Q

Who controls the business?

A

The partners

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4
Q

Who finances the business?

A

The partners

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5
Q

What liability is there?

A

Unlimited Liability

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6
Q

Who keeps the profit?

A

The partners share the profit equally

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7
Q

How is the business established?

A

The partners have a deed of partnership

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8
Q

What happens if the owner dies?

A

Trading will stop under your name but the business will continue

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9
Q

State 2 Advantages of Partnership

A

More people are contributing capital

Less Pressure

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10
Q

State 2 disadvantages of Partnership

A

Shared profits

Unlimited Liability

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11
Q

What is a deed of partnership?

A

A contract the both partners in the business sign about shared and different responsibilities

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