A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner together to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.
Partnership Firms
|
1. It
has 02-20 partners
2. Profits
shared
3. Losses
shared
4. Can
apply division of labour
5. Relatively
more capital
6. Decisions
are timely but good
|
