In 100 words or more reply to the statement below about partnership business

  • A partnership business structure is a single business that is owned by two or more people where business responsibilities are shared among each other. Although the is no formal forms required to start a partnership, it is highly recommended to create an partnership agreement where is states each individuals responsibility in the business. This will make sure that all parties are on the same page. The disadvantaged of partnership business structure, the owners are considered to be self employed and must pay employment tax including social security on their share of the profit. Also, just like the sole proprietorship, partnership is responsible for all business debts and legal issues they come across.
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