Partnership
Business structure of 2+ individuals owning jointly.
Formula
Shared Profit = Total Profit ÷ Number of Partners (unless otherwise agreed)
Real World
Many UK law firms and GP surgeries operate as partnerships, allowing professionals to pool expertise and share costs — though each partner remains personally liable for the firm's debts.
Exam Focus
Always state unlimited liability as a key disadvantage of partnerships; examiners expect this and award marks for linking it to personal financial risk.
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