Besides sole proprietorship, there can be partnerships in a business with number ranging from 2 people to 21 people.
A partnership is a contract among so many people called deed, which includes the amount of capital contributed by each partner and consequently sharing of profits and losses by them. Partners in a firm are personally and jointly responsible for the activities of the business as regarded by law.
Most partnerships are small business and they are widely used for professional practices such as medicine, law and public accounting.
Among business organizations partnerships are the least common probably because there are too many losses. However partnerships are mostly formed in families and those are small in size.
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