https://padlet.com/9885121/ua6p3lnyy2md5yww Nina, Olivia, Catherine en-us 2022-02-14 14:11:03 UTC 2026-01-03 04:08:04 UTC hello@padlet.com 10030544 https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2046333010 1. two or more people 

• It is a business owned by two or more people associates as partners to advance their mutual interests.
• Generally, partnership businesses must fold if there is only one surviving owner.

2.profits divided on the partnership agreement 

• The business profits (or losses) are usually divided among the partners based on the partnership agreement.

3.separate from the personal activities

• Partnership activities must be kept separate from the personal activities of the partners for accounting purposes.

4.types

• there are several types of partnership including general partnership, limited partnership, and limited liability partnership.

5.liability of partners in a general partnership is unlimited

• Each partner of a partnership firm is jointly liable with the other partners for all of the debts and obligations of the partnership incurred while such person was a partner.

]]> 2022-02-14 14:27:35 UTC https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2046333010 10030544 https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2046377688 1. Combining skills and resources of two or more individuals

• Great partners may bring a wide range of expertise for different parts of a business. 
• They may also bring knowledge, experience and skills to help grow the business. 
• Partners can bring new perspectives to a business, decreasing blind spots of growing a business. 

2. Ease of formation 

• Created when two or more people voluntarily agree(verbally or written) to carry on a business with a view to profit. 

3. Freedom from governmental regulations and restrictions

• Compared to corporations, partners can just come together to form a partnership. Regulations do not impact on a partnership too much.

4. Ease of decision making

• There are not too much owners in one partnership. It is easy to make a decision together.  

5. More capital to start a business

• More people can bring more cash to a partnership. Also, they may have more connections, attract potential investors and then raise more capital to expand business. 

]]> 2022-02-14 14:44:00 UTC https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2046377688 9885121 https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2046384876 1.Lockhart/Gardner & Canning

• this is a frictional law firm of a famous American TV show The Good wife

2.Ernst & Young LLP

• Ernst & Young Global Limited, doing business as EY, is a multinational professional services network with headquarters in London, England. EY is one of the largest professional services networks in the world.

]]> 2022-02-14 14:46:43 UTC https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2046384876 https://padlet.com/9885121/ua6p3lnyy2md5yww/wish/2047404783 1. Liabilities

• The liability of the partners for the debts of the business is unlimited.
• A partnership entails sharing revenues and assets, as well as accepting responsibility for any firm losses and responsibilities, even if they are committed by the other partner.

2.Loss of Autonomy

• You would now share control with a partner in a partnership, and crucial decisions would be made jointly.

3.Future Selling Complications

• You or your partner may decide to sell the company if your circumstances change in the future. If one of the partners isn't interested in selling, this might be a problem.

4.Lack of Stability

• The shift brought on by a partner's circumstances might produce company instability.

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