... the business could go bust. Partnership A partnership is a type of business organisation which is owned and managed by two or more people, usually not any more then 20 people. The key feature of this type of business is that of profit sharing. This brings me onto the Partnership Act 1890 which outlines the main rules of a business in partnership: * Profits and losses to be shared equally * No interest on capital * Equal amount of capital contribution The deed of partnerships outlines the rights, responsibilities and duties of partners. Like a contract. This contract would consist of such things as the name of the business, the location, the ration of profit sharing and the times which each partner has to put into the business. It would also contain the amount of money etc which would be needed to be contributed by each partner. Private limited company A private limited company specialises mainly in expanding business ...

See this essay or coursework document in full right now