A partnership is a relationship that can be formed between or among persons not exceeding twenty with the intention of carrying out a business in common to make profit. Partnerships include all sorts of business ventures but the most common ones are law firms.
Some of the advantages of partnerships is that they are easy to set up as they do not have many formalities, they also limit the number whereby such numbers can be easy to manage, partnerships are easy to dissolve. The disadvantage on the other hand is that unlike companies which can carry their liabilities without implicating directors, partnerships do not offer such protection to their partners because liabilities are directly against partners.
Partnerships have different types like a general partnership, limited liability partnership and professional partnership therefore one would have to look at their needs to see which one most suits them incase they wanted to set up one. They can be named using one’s sir or christian name. Other names other than their names can be used to name the partnership.
One has to make sure they register their partnership with the registrar of companies.!
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