- A business in which one person provides the permanent finance
- They have full control of the bsiness
- Keep all Profits
- Unlimited liability
- Common business type - hair dresses, builders. retail shopts etc
Partnership
- A business formed by two or more people to carry on business together, with shared capital
- Can have any number of partners between 1-30
- Unlimited liability
- Business debts and errors are felt by all partners
- Commen Busisness - Law and Accounting firms
- Most partnerships have an agreement detailing what each partners right, responsibilities and profits are
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