Category

BUSINESS

Category

Business owners are often well-versed when it comes to partnerships advantages and disadvantages. In business terms, a partnership occurs when two or more individuals decide to start a business venture together. This usually happens when both parties have a common business idea and have established mutual trust. In many cases, forming a partnership may seem like a better alternative to kick-starting your own small business that might have a low turnover. Not to mention, it also helps distribute responsibilities.  To help you develop a better understanding, we’ve developed this guide about partnerships’ advantages and disadvantages. Types of Partnerships Before we dive into the details, it’s crucial that you learn about the main types of partnerships: General Partnerships This form of partnership includes general partners, who are responsible for the liabilities of the business. In other words, if one general partner is sued, the others will also be held liable. This…