Accounting·Final accounts & financial statements · NSSCO 3.1
What a partnership is
Narrated lesson · press play
So far we've met the sole trader — one person on their own. Now we open the door to the partnership: a business owned by two to twenty people who join forces to make a profit. We'll see why people form them and what they give up, then work slowly through every feature of a partnership agreement, and finish with the default rules that take over when partners never write an agreement at all.
What you'll learn in this lesson
By the end you should be able to (NSSCO Accounting 3.1):
- Explain the meaning of the term partnership
- Explain the features of a partnership agreement
- Explain the position of the partnership when there is no partnership agreement
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