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- Disadvantage- A partnership had a limited life. if ones of us dies, or goes bankrupt, the partnership is terminated by law. Ones of us then had the arrange to buy out the departed partner's share of firm. which mean there needs to be new partnership to carry on the business. Lastly, unlimted liability. every partners is liable for the debts of the partnerships. this mean that an unpaid creditor can sue any of us to recover the money. Also if one of us is to make a poor business decision, we can not say we are not responsible
- With every thing you do in life there might be some disadvantages. so here are some disadvantages we might face if we go throught with this business
- Advantages are overpowering the disadvantages. I like what im hearing let go out for dinner and talk more about it !!!
- So the main difference between the two occurs in the captial and drawing account. Sole partnership is owned by one person. whereas partnership is owned by two or more which would be me and you. Sole partnership has one captial account and one drawings account. Each person in a partnership needs a captial and drawing account.
- So Mary, can you tell me the difference between a sole partnership and partnership?
- One last thing we should talk about about is partnership agreement. partnership agreement is a legal contract that sets forth the terms and conditions of the partnership. This agreement will helps us to have a harmonious relationship. this will helps us have better chance of having success. That all i got to say.
- After all this information i am so happy to say lets be partners mary.
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