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		Choosing the right business structure   Sole Trader  Partnership  Limited Liability Company   Partnership   A partnership is also simple and inexpensive to create and operate and in many respects is similar to a sole trader apart from the fact that two or more persons operate the business. The same requirement to register the business name applies to a partnership. The principal disadvantage of a partnership is again the liability of the partners both jointly and severally for the debts of the business. This means that one or both partner's assets can be available to pay off creditors of the business. The other principal disadvantage of a partnership is that differences can arise between partners for a number of reasons and this can give rise to costly disputes. It is essential for all partnerships that a legal document be drawn up setting out how the business is to be financed, how the profits and losses are to be shared and what will happen if one of the partners decides to leave the partnership. The partnership agreement will deal these and other important matters and should not be signed without legal advice. next page

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