A partnership is a form of business where two or more people join together to achieve common goals.
Each partner shares the responsibilities, profits, and losses of the business, indicating a general partnership arrangement.
This business structure also benefits from the diverse expertise of the partners, potentially leading to innovative solutions and strategies.
Meet Rose and Troy, two friends who love fashion. They decide to open a clothing store together.
They agree to be partners, which means they both own and run the store together, sharing profits and losses equally.
They both put their money into renting a store, buying clothes, and setting up the store.
Rose manages clothes and accessories, while Troy talks to customers, posts on social media, and makes strategies for sales promotions.
Rose and Troy work together as a team, using their different skills to make their business successful.
As more customers visit their store and make purchases, they divide the profits among themselves.
They share the risks and the rewards, making their dream of owning a clothing store come true.