2. Partnership
A partnership is when 2 or more co-owners run a business together. Partners
will also pool their money towards a common goal, share specialised skills and
resources and share in the ups and downs of business success.
Advantages of having a partner
● With more people comes more
knowledge and expertise
● You’ll have more capital and
cash to work with.
● You can share the financial
burden and expenses of running
Disadvantages of having a partner
● Everyone is liable for debts
whether they were caused by
other partners or not.
● You have to share control of the
business with your partner(s)
● Dealing with others is not
a business with your fellow always seamless, there could be
partners. a falling out or an argument,
● Having partners means there is
an even distribution of labour.
● You’ll have a better work-life
which can strain the
relationship between you and
your partner.
balance as there are others to ● If you ever want to sell your
assist you with the workload? business, this could prove
and ensuring your business is difficult if others don’t want to
becoming a success. sell.