A partnership is an association of people who agree to run the business together with a view to making profit
ADVANTAGES OF PARTNERSHIP
- It is easy to set up as compared to a public limited company
- More capital as it is contributed by many people as compare to a sole trader
- Business affairs continue even when one is ill
- Decision making is consultative, as a result, the quality of decisions tends to better than of a sole trader
- Financial records are not published to the public
- There is a division of labour
- Few documents are required to set up as compared to public/private companies