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