Starting a business? We discuss the partnership option
Episode 3 - In our last article in the series “Choosing the right legal entity for your business (link)” we looked at the sole proprietorship [link] option. Let’s move on to the partnership option, where a group of business owners replaces the sole owner/trader. Firstly, what exactly is a partnership? We talk loosely about our “partners” in various contexts, but it is important to understand how the law views the concept in a strictly business situation. In broad terms a partnership is an association of between 2 to 20 people/companies/trusts who agree to pool resources (such as money, property, services, skills etc…