A business partnership allows two or more people to share ownership of a single business.
Partnerships enable a sharing of responsibility and increase the ability to raise funds compared to a business that operates as a sole trader. However, partners are jointly and individually liable for the actions of the other partners, which means their personal assets are at risk. There should therefore always be a strong element of trust between partners.
It is important to consider the advantages and disadvantages when deciding what type of business structure is right for you.