A partnership business is any type of business owned by two or more people who have agreed to share all gains, losses, profits and benefits. This type of business is called a partnership. In this partnership, laws are not shared between the owners and their business. The partners of the business must have a legal agreement stating how the decisions of the business will be made, how the profits will be shared between the partners. When faced with a problem, there should be an agreement on how the problems will be resolved and how future partners will do so. be added to the partnership, how partners can be expelled or what steps will be taken to close the partnership if necessary. They must also have an agreement on the amount of capital and time that each partner will contribute to the business. When there are losses and profits, both must be divided by a percentage agreed by the partners. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay. A partnership business can be established by a handshake, orally or in writing. But, for the protection of each partner, the most appropriate way is to have a written or printed partnership agreement including all necessary agreements. This written or printed agreement must include the profit and loss sharing percentage, what rights each partner has, what responsibilities each partner has, and what happens if a partner leaves the business or happens when a newly joined associate. about the business and the amount of capital each partner invests in the business, and how assets and capital should be distributed among the partners if the business is closed. All things are changing every second, so it is good to have signed a document including all these things.Advantages of Business PartnershipCapital – If there are more partners, they can invest more capital in the business.Flexible – Partnership businesses are easier to form and easier to run. The owners can decide how the business should operate. Easy decisions to make – Partners can easily make decisions based on the business situation. Limited external regulations – Compared to other types of businesses, partnerships have fewer regulations. Responsibility is shared. – Partners can share responsibilities between them. This will enable partners to improve their capabilities. Disadvantages of Business Partnerships Disagreements – There may be disagreements between the partners. This will be a disadvantage when making decisions. Unlimited Liability – Partners are subject to unlimited liability, meaning that each partner shares the liability and all risks, including the financial risks of the business. Taxation – This is one of the major disadvantages of partnerships. Partners must pay taxes every year. Profits must be shared – All profits earned must be shared equally among the partners. Limited Liability Companies The limited liability company is a type of legal business company. In these joint stock companies, the control and ownership of the companies is in the hands of different types of people. The owners of these limited companies are called shareholders and members of the company. Liability is simply limited to this type of company. Limited liability companies allow their entrepreneurs to separate their