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definition:
A partnership is an unincorporated business that is carried on by two or more people who intend to share the business profits.

owner:
-every partner is responsible for the partnership
-if partnership gets bankrupt than everybody is liable

control of a partnership:
-partners work in a team together
(Supporting, Acting together, deciding together, consultation, information)

advantages:
-can provide a much greater range of skills
-each of the partners can specialize in one thing
- f.e.: in a firm of solicitors: one partner specialize in wills and trusts, the other
one in conveyance a third in criminal law
-if more people are involved, the partnership may have more profitable ideas
in addition it may be easier to raise capital
-better credit rating than sole traders
-partners can share responsibility and losses

disadvantages:
-if you don't draw up a deed of partnership you ruin your partnership
-the partners are personally responsible for liability
-the partners have to share the profits
-if business fails: other partners have to pay for debts and obligations
-if one partner dies, the partnership ends
-if one partner does a mistake, it affects to all other partners

f instance: siemens