Partnership

• What are the different options for setting up a new business?

  Sole trader, partnership, private limited company
• What is a partnership in business?

  A business with 2 or more owners
• What type of businesses commonly use partnerships?

  Professional services like lawyers and doctors
• What is a deed of partnership?

  A document outlining partnership rules
• What information might a deed of partnership specify?

  Profit allocation, ownership percentage, roles
• How do owners in a partnership pay taxes?

  They pay income tax on their earnings
• What is limited liability in a partnership?

  It separates owners from business debts
• What act covers limited liability partnerships?

  Limited Liability Partnerships Act 2000
• What are the advantages of partnerships?

  • Quick and easy to set up
  • Shared decision-making
  • Shared responsibility for debt
• What are the disadvantages of partnerships?

  • Long work hours
  • Potential for conflict among owners
  • Risk of unlimited liability
• What does unlimited liability mean for business owners?

  Owners are personally responsible for all debts
• How can one partner affect the others in a partnership?

  By not upholding their responsibilities
• What is the primary focus of the BBC Bitesize section mentioned?

  Study support for various educational levels
• What types of educational levels does BBC Bitesize cover?

  Primary, secondary, GCSE, and functional skills
• What is the purpose of the Bitesize menu?

  To provide access to various educational resources
• What is the significance of the 'Save to My Bitesize' feature?

  It allows users to save their favorite resources
• What does the term 'profits' refer to in a business context?

  The amount made after costs are deducted
• How is income tax defined in the study material?

  Tax based on personal income earned
• What is the role of the BBC in relation to external sites?

  Not responsible for external site content
• What does the term 'limited liability' imply for business owners?

  Owners are not personally liable for debts
• How does shared decision-making benefit partnerships?

  It allows for diverse perspectives and ideas