MICRO KNOWLEDGE

A business partnership can be defined as the relationship between 2 people to conduct trade or business. Each person contributes money, labor, and shares in the revenue of the business and any losses incurred. Advantage of a partnership can be that what on business partner is weaker in the other business partner is stronger in. The disadvantages can be partners have a different view on the direction of the business and where revenue should be spent.

Key Take Aways:

1. The relationship between two or more people to conduct trade or business.
2. One partner being stronger than the other partner is a key advantage to business partnership.
3. Disagreements on the direction of the business can be disadvantage of a business partnership.