Thinking about applying for a Partnership ABN?
A Partnership Agreement is an agreement between two or more individuals who would like to manage and operate a business together in order to make a profit.In a partnership, several partners are able to work together (unlike a sole trader). Each partner shares a portion of the partnership's profits and losses and each partner is personally liable for the debts and obligations of the partnership.
Compared a company or a trust, a partnership can have lower set up and administration costs. However, while companies and trusts offer some protections against liability, a partnership does not.
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