In a partnership, the owners agree a set of rules. These are outlined in a document called a A document that is signed by all of the owners of a business setting out the terms they must abide by and their obligations as owners.. As an example, this document may specify how The amount of money made after all costs are deducted. are allocated, what percentage of the business each person owns, their roles and responsibilities, and the percentage of any business debts that each person would have to pay. The owners in a partnership pay Tax that someone pays based on their personal income (the money that they earn). on their earnings.
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