A business that is directly owned by two or more people is generally called a partnership.
Read the section on partnerships in Forms of Business Ownership , to find out more about this form of business ownership and its advantages and disadvantages. You may find it helpful to complete the exercises at the end of the reading.
Note that in some countries, there are also entities called limited partnerships and/or limited liability partnerships, to which different rules apply. You are not asked to consider these for this course.
Search on the internet (or through a local business support agency) to find out:
- What terminology is used in your country for a business that is directly owned by two or more people, like a partnership in the USA
- What the main features are of this sort of business entity in your country
Thinking about your business idea and the factors that you thought were important in choosing a business ownership model, identify:
- Two advantages of using this form of business ownership for your start-up business
- Two disadvantages of using this form of business ownership for your start-up business
In your learning journal, make notes on what you have found out and where you found it (urls etc.), so that you can refer to it again. You will use this information for the learning challenge.
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