Partnership

✅  Relatively simple and inexpensive to set up

✅  Shared workload and complementary skills

✅  Minimal reporting requirements

✅  Shared startup costs and resources

✅  Tax advantages through income splitting

✅  Broader management base

❌  Joint liability for business debts

❌  Each partner is liable for the actions of other partners

❌  Potential for disputes between partners

❌  Profits must be shared

❌  Decision-making can be complex