A partnership is an arrangement where parties, known as partners, agree to co-operate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.
WHY TO CHOOSE PARTNERSHIP ?
- pooling of skills and resources by more than one persons
- low start-up cost
- plenty of funds, as increase in partners
- secrecy of affairs of business
- limited external control