partnership

What is partnership

• When you own a company

• When there are two or more partners carrying out a company

• When you get paid

which is NOT an advantage

• More capital is available than one

• easy to establish

• two heads are better than one

• each partner is liable

Which of the following is NOT a type of partnership

• Limited Liability Company (LLC)

• Limited Partnership (LP)

• General partnership (GP)

• Restricted Partnership(RP)

Example of partnership is NOT

• SPOTIFY AND UBER

• GO PRO AND Red Bull

• Red Bull AND UBER

How many owners can partnership have

• Only 1

• Only 2

• 2 or more

• Only 5

Which type of business does not usually have limited liability

• Sole proprietorship

• Partnership

• Corporation

• Limited liability company

Does partnership share profit

• Yes

• No

Partnership does NOT share responsibility

• Yes

• No

What happens if the partner decides to leave the business ?

• the other partners continue in the existing business

• The partnership is dissolved and reformed

• The partner who leaves is given compensation

• The partnership has to find a new lawyer

A partnership has between 2 and 20

• customers

• owners

• employees

• shareholders