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Whilst there can be more complex partnership structures, for the sake of time and simplicity, lets limit ourselves to the traditional partnership between two or more individuals. A partnership cannot have any more than twenty individual partners (this is rarely an issue).


  • Simple to establish with little time required to get started.
  • Duties can be delegated between partners depending on each partners personal skill set.
  • Flexibility to invest extra capital or withdraw previously invested capital without restrictions, except anything contained in a partnership agreement.
  • Partnerships can be used for income splitting purposes between family members to create potential tax savings.


  • Joint and several liability of the partners.
  • Admission of new partners requires the original partnership to be dissolved and a completely new partnership to be established.
  • Continuity of the partnership is dependent on the existing partners staying in business together.
  • Conflict can occur between partners if common business goals aren't shared.
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