Table 3 : Advantages and Disadvantages of a Partnership Advantages Disadvantages for the acts and omissions There are no legal of the other partners formalities to Profits have to be complete when shared amongst more setting up the owners business Partners may disagree Each partner can The size of a partnership specialize is limited to a maximum of Partners can share 20 partners, however the workload there are exceptions to Financial advantages in this general rule terms of low taxes, Any decision made by longer period to pay one partner on behalf of taxes and lower the company is legally accountancy fees. binding on all trial partners Partnerships are are unincorporated, resulting jointly in unlimited liability for and the partners, making them personally liable for liable the debts of the firm.
Table 3 : Advantages and Disadvantages of a Partnership Advantages Disadvantages There are no legal formalities to complete when setting up the business Each partner can specialize Partners can share the workload Financial advantages in terms of low taxes, longer period to pay taxes and lower accountancy fees. are jointly and liable for the acts and omissions of the other partners Profits have to be shared amongst more owners Partners may disagree The size of a partnership is limited to a maximum of 20 partners, however there are exceptions to this general rule Any decision made by one partner on behalf of the company is legally binding on all partners Partnerships are unincorporated, resulting in unlimited liability for the partners, making them personally liable for the debts of the firm. trial
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