The advantages of being a partnership
Partnerships have many perks for entrepreneurs teaming up in business. Firstly, they allow for shared responsibilities and decision-making, spreading out the workload and lightening individual burdens. Plus, partnerships often benefit from diverse skills and viewpoints, which can spark creativity and innovation. Setting up a partnership is simpler and involves fewer rules compared to limited companies, making them a feasible option for small businesses. Finally, partnerships offer flexibility in profit-sharing, allowing partners to customise distributions based on their contributions and agreements.