B1914Z Dr Black 14–eye Boots Leather Martens 6nvqP8I

B1914Z Dr Black 14–eye Boots Leather Martens 6nvqP8I B1914Z Dr Black 14–eye Boots Leather Martens 6nvqP8I B1914Z Dr Black 14–eye Boots Leather Martens 6nvqP8I B1914Z Dr Black 14–eye Boots Leather Martens 6nvqP8I

Leather Martens Dr Black B1914Z 14–eye Boots Partnership – advantages and disadvantages

Leather Martens Dr B1914Z Black Boots 14–eye Print Share Facebook Tweet
Last updated on February 27, 2017

Consider a partnership if the number of people involved is small (up to about 20) and limited liability is not necessary.

Advantages of a partnership include that:

  • two heads (or more) are better than one
  • your business is easy to establish and start-up costs are low
  • more capital is available for the business
  • you’ll have greater borrowing capacity
  • Church's Loafer Loafer Church's PEMBREY PEMBREY M M Church's PEMBREY M PEMBREY Church's Loafer SnqTTF
  • high-calibre employees can be made partners
  • there is opportunity for income splitting, an advantage of particular importance due to resultant tax savings
  • partners’ business affairs are private
  • there is limited external regulation
  • it’s easy to change your legal structure later if circumstances change.

Disadvantages of a partnership include that:

  • the liability of the partners for the debts of the business is unlimited
  • Boots B1914Z 14–eye Martens Dr Black Leather each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts
  • there is a risk of disagreements and friction among partners and management
  • each partner is an agent of the partnership and is liable for actions by other partners
  • if partners join or leave, you will probably have to value all the partnership assets and this can be costly.

To end or dissolve a partnership in Tasmania we recommend seeking legal advice regarding what is required.

Digital ready
Get your business online

Info to help get you started or get more out of being online

Black Dr Martens Leather Boots B1914Z 14–eye