Partnerships

Being in a partnership is similar to a sole trading business ,the difference is that it is run by more then one individual
.In this case they share their experience, knowledge ,which can benefit significantly towards the business success.

Moreover, partnership can be considered less risky for business borrowing in comparison to sole trader because the business does not
solely depend on one person .However, partners are liable for their actions , profits are shared as per agreement and since the decision are shared
there can be disagreement which can affect the business.