Types of partnership business

Types of partnership business

A partnership is an association of people who agree to run the business together with a view to make profit




Types of partnership

Ordinary partnership: partners

  • Have unlimited liability
  • They take active part in the running of the business
  • They are responsible for debts of the business

Limited partnership: Partners

  • Have limited liability
  • They do not take part actively in the running of the business, hence they are called dormant partners or sleeping partners

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