A business run as a partnership shares control, responsibility and finances between 2 or more people. The partners are not only responsible for managing the business, but also "jointly and severally" liable for any debts incurred by the business and the profits are shared between the partners based on pre-agreed percentages.
Below are just a few examples of the advantages and disadvantages of running a business as a partnership.
Business Partnership Advantages:
make sure time is taken to draft a partnership agreement
to avoid future problems.
money and raise capital to invest in the business.
and experience of all of the partners.
Business Partnership Disadvantages: