A Partnership in business, are two or more beings that agree to manage, operate and share responsibilities and duties of an organization. One of the major benefits of partnerships are that individuals bring different skills to the table. Partners share the profits and losses of the organization. Common disadvantages are disagreements and partners not holding their share of work. When two individuals have a partnership, they are often called “co-owners”. In large firms, partners have equity in the firm. It is a legal relationship. In Canada, the “Partnership” does not pay income tax, but the indidual partners pay income tax based on their share of the partnerships’ income or loss.

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