A partnership is an association of people who agree to run the business together with a view to making a profit
DISADVANTAGES OF PARTNERSHIP
- Partners have limited liability except for limited liability
- Lacks continuity of existence; death of partners may end the business
- It has no separate legal status; no difference between the partners and the business
- Disagreements and quarrels are obvious happen and it can lead to the dissolution of the partnership
- Sharing of profits may be a source of conflict especially if there is no pre-agreed sharing ratio
- A contract made by one partner binds everyone.