Number of Business Owners: 2+
Advantages:
- Relatively simple business structure
- Relatively inexpensive & easy to set up
- You can share finances & resources with your partners
- You can share responsibility for the business with your partners
Disadvantages:
- No personal asset protection
- Each partner is liable for the partnership’s losses / debts even if that partner didn’t incur them
- If your partner dies or wants out, you need to be in a position to buy them out
Quick tip! The information on this page isn’t exhaustive and we can’t advise you about the best business structure for your needs. Best chat to your business adviser, lawyer or accountant.