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Glossary of terms used on this site

There are 73 entries in this glossary.
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P

Term Definition
Partnership

Involves two or more co-owners participating together in a business. This is regardless of how business equity is owned - Trust, company, or by sole trader. It also requires an intention to make and share profits and an understanding that these co-owners act on behalf of each other in business. May also describe a trading identity formed by natural persons.

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Testimonials

Andrew said

Jim pro­vided very sound and practical advice on what to do if one of the busi­ness partners wanted to leave. His Suc­ces­sion Agree­­ment elim­ina­ted any questions as to what would hap­pen and how it would hap­pen. Thanks Jim.