Law 294 - Chapter 21

When a person carries on business on their own without adopting any other form of business organization.

ADVANTAGES:

• Simple and easy to set up.
• Easy to dissolve - stop carrying on business.

DISADVANTAGES:

Unlimited personal liability

The name must be registered if it is something other than, or more than, the propietor's personal name.

A form of business organization that comes into existence when two or more persons carry on business together with a view of profit.

Dissolution is the termination of the partnership relationship.

• Occurs when:
• One person gives notice of termination to the others.
• A partner dies or becomes insolvent.
• The partnership is set up for a specfic purpose or for a limited time, such as to operate a gardening business for one summer and that purpose has been achieved or that time has expired.