Legal forms of business
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Title: Legal forms of business

Essay Details:

Subject: Business
Author: Brianna D
Date: June 3, 2016
Level: University
Grade: A
Length: 3 / 685

Essay text:

All partners have a certain amount of control within the business, but some have more than others do. Advantages of a Partnership ? There are no legal formalities to complete when setting up ? Each partner can specialise in the tasks they do best ? More finance can be raised than if the firm was a sole trader ? Partners can share the workload ? Since the type of business is larger than a sole trader it is in a s stronger position to raise more money from outside the business Disadvantages of a Partnership ? The individual partners have unlimited liability ? Profits have to be shared amongst more owners ? There may be conflicts of interest amongst partners ? The size is limited to a maximum of 20 partners ? The partnership ends when a partner dies ? Any decisions made by one partner is legally binding on all partners Examples Partnerships are often found in accountants, doctors, estate agents, solicitors, and veterinary surgeons...

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