PARTNERSHIP

A partnership involves trading with two or more persons. In many cases this is husband and wife but there are many situations where unrelated people who have complimentary skills join forces to operate a business.

If you choose to trade as a partnership it is best to have a formal partnership agreement setting out the share of income that each partner is entitled too, what the requirements would be if a partner wants to exit the business etc.

Advantages

Disadvantages

 

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CHARTERED ACCOUNTANTS
Richmond, Nelson.