Partnership

Partnership is a business owned by two or more people who run it.

it is people with contract to do business jointly.

Key features of partnership

1. Unlimited liability. A partner can have his personal property sold to pay debts.

2. The partners pay personal taxes on profit share while company pay corporate income taxes.

3. Death of a partner makes partnership dissolved legally.

4. No share selling without permission from the other partner.

5. Money can be brought by partners to give capital needed.

6. Each partner work on his field of specialization.