Explanation:
<h3>PARTNER SHIP:</h3>
WHEN TWO OR MORE PEOPLE ARE IN BUSINESS TOGETHER IT IS CALLED A PARTNERSHIP. A PARTNER ACTING ALONE IN THE NAME OF THE BUSINESS BINDS THE OTHER PARTNERS.
<h3>ADVANTAGES OF PARTNERSHIP:</h3>
◇ TWO HEADS OR MORE ARE BETTER THAN ONE.
◇ YOUR BUSINESS IS EASY TO ESTABLISH AND START- UP COSTS ARE LOW.
◇ MORE CAPITAL IS AVAILABLE FOR THE BUSINESS.
◇ YOU'LL HAVE GREATER BORROWING CAPACITY.
◇ HIGH- CALIBRE EMPLOYEES CAN BE MADE PARTNERS.
◇ PARTNERS BUSINESS AFFAIRS ARE PRIVATE.
◇ IT'S EASY TO CHANGE YOUR LEGAL STRUCTURE LATER IF CIRCUMSTANCES CHANGE.
<h3>DISADVANTAGES OF PARTNERSHIP:</h3>
◇ THE LIABILITY OF THE PARTNERS FOR THE DEBTS OF THE BUSINESS IS UNLIMITED.
◇ THERE IS A RISK OF DISAGREEMENTS AND FRICTION AMONG PARTNERS AND MANAGEMENT.
◇ EACH PARTNER IS AN AGENT OF THE PARTNERSHIP AND IS LIABLE FOR ACTIONS BY OTHER PARTNERS.
◇ IF PARTNERS JOIN OR LEAVE, YOU WILL PROBABLY HAVE TO VALUE ALL THE PARTNERSHIP ASSETS AND THIS CAN BE COSTLY.
<h3>HOPE IT HELP....❣❣❣</h3>