ABSTRACT
It is very likely that you have already encountered and even done business with a partnership. The local doctor, dentist, lawyer, hairdresser and bookkeepers probably chose to run their businesses either as sole proprietorships or as partnerships. The relatively simple legal environment normally makes this form of business perfect for smaller concerns. This is not to say that partnerships are limited to only small and medium-sized operations. There are a number of business arrangements involving larger companies that in substance are very similar to partnerships.
