WORKSHEET 4 - PARTNERSHIP

PARTNERSHIPS
Partnerships are a common form of business ownership. A partnership is a business owned by
_____ or more individuals, up to a usual limit of _________ partners. Partnerships are usually set up by
individuals that either share or have complimentary skills such as vets, __________ or accountants.

Partnerships avoid some of the disadvantages of being a sole trader. For example, partners will
bring extra _________ and ___________ to the business, more _________ and could provide ________ in
the event of illness. Partners can also share the burden of work, potentially reducing the long
hours a business normally takes to set up and establish.

Partnerships are still exposed to ______________________, however this is split between each partner
according to their share of the business, which is established when the partnership is first formed
in the “___________________”. Setting up a partnership is still easy, but requires more paperwork than
being a sole trader. Finally, partnership companies also provide the benefit of being able to keep
their _____________ information private.

Word bank:

Unlimited Liability Cover Solicitors

Twenty Ideas Capital

Skills Two

Financial Deed of Partnership