Business partnerships by Nidhi

Definition:

nidhi99 — 2015-02-09 14:16:40 UTC

A type of business that is owned and run by two or more individuals whom share all responsibilities and profits/losses of the business.

nidhi99 — 2015-02-09 14:20:05 UTC

-Tim Horton's

-McDonald's

-Burger King

-Apple Inc

-Google

-Twitter

-Microsoft

nidhi99 — 2015-02-09 14:25:33 UTC

-Business partners are equally responsible for failure

-Profits must be shared with business partners

-When making a financial decision, partners need to have a consensus

-Unlimited liability

-Disagreements between partners may occur

nidhi99 — 2015-02-09 14:32:51 UTC

Partnership Agreement: The legal document that establishes a partnership and each partner's responsibilities
General Partnership: The most common form of partnerships, in which the partners share responsibilities, decision-making and profits but also have unlimited liability for debts.
Limited Partnership: The liability of each partner is limited to the amount of his or her investment.
Silent Partner: A partner not sharing in the actual work of a business.

Jick — 2015-02-09 14:34:15 UTC

-More heads are always better than one

-Business is easy to establish and start-up costs are low

-Provides moral support which encourages greater ideas

-Partnerships can be cost-effective and easy to control

-Shared responsibilities