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- Advantages of a partnership include that:
two heads (or more) are better than one.
your business is easy to establish and start-up costs are low.
more capital is available for the business.
you'll have greater borrowing capacity.
high-calibre employees can be made partners.
- Disadvantages of a partnership include that:
- the liability of the partners for the debts of the business is unlimited.
- each partner is 'jointly and severally' liable for the partnership's debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts.
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Advantages and disadvantages of a partnership business
1 Less formal with fewer legal obligations.
2 Easy to get started.
3 Sharing the burden
4 Access to knowledge, skills, experience and contacts.
5 Better decision-making.
6 Privacy.
7 Ownership and control are combined
8 More partners, more capital.
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