GENERAL KNOWLEDGE

Detailed explanation-1: -What is a partnership? A partnership exists therefore where two or more people (or Companies) combine together in business. There is a statutory maximum of 20 partners but there are many permitted exceptions to this including solicitors, Accountants, Estate Agents etc.

Detailed explanation-2: -Having more people in a business can also complicate decision-making and decrease profits. Liability may be less for limited partners but general partners retain full liability among the owners for their own actions as well as all other general partners.

Detailed explanation-3: -A partnership (or general partnership) is a business owned jointly by two or more people. About 10 percent of U.S. businesses are partnerships 2 and though the vast majority are small, some are quite large.

Detailed explanation-4: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.