Partnership

(ðàññêàçàòü íàèçóñòü – 4 áàëëà)

The partnership. Partnerships are voluntary combinations of from two to twenty persons formed for the purpose of carrying on business with a view of profit. Partners share responsibilities for decision making, profit and debts. They usually get tax benefits from the government. There are two types of partnerships: with limited and unlimited liability. It depends on the fact if partners are responsible for all business and for all debts or not.

Partners usually specialize in one or more aspects of the business: one may be responsible for buying, one for selling, one for production and so on.

The disadvantage of partnership is that partners may disagree with each other. Where trading risks are great partnership is not a very stable type of organization.

Partnership is a common form of business organization in such professions as law, accountancy, medicine, insurance, stockbrokerage and real estate.