What is partnership type of business

Partnership is type of business which is either owned by two or more people upto maximum of twenty people.

In partnership,all concerned owners participate in the running and management of the business enterprise's.

All the profits and losses made by the business are taken cared off by all partner owners.

Partnership have unlimited liabilities as incase the business encounters debt,then partner's belonging assets are not sold but the partner's can decide to sell either part of business assets to offset the debt or every partner can make contribution's to pay the debt.

Partnership can also access bank loans with ease as they have alot of business assets which can be used as security.

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