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Economics
Essay specific features
Written by:
Susan E
Date added:
June 2, 2011
Level:
University
Grade:
A
No of pages / words:
2 / 372
Was viewed:
7574 times
Rating of current essay:
Essay content:
One disadvantage is that it has unlimited liability. This means that the owner is personally responsible for all losses and debts of the business.
A partnership is a business owned by two or more persons. The most common form of partnership is a general partnership which is where all partners are responsible for the management and financial obligations of the business...
displayed 300 characters
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Forming a partnership is much easier then a forming a sole proprietorship because more then one owner is involved. One advantage is the lack of special taxes on a partnership. Partnerships have to pay individual income taxes at the end of the year. One disadvantage is that each partner is fully responsible for the acts of all other partners...
displayed 300 characters
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