APT Initiatives
APT Business & Economics Resources
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Established in 1999

Special Items

Partnership (standard)

A business that is owned and controlled by two or more people (partners) who do not have a separate legal identity to the business ie they are regarded as one and the same in the eyes of the law. The day to day management of the business is usually shared, although partners can still employ people including managers to carry out tasks and help run the day to day operations. It is also possible to have ‘sleeping partners’ who contribute money to the business and share in the partnership’s profits, but who are not directly involved in its running. Partnerships are common in professions such as dentistry, solicitors and accountants.

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