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Partnership
According to Rafael M. Lopez Jr. (Partnership and corporations,2012-2013) an association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit" According to Yaacob, Z., Ismail (The basic aspect of partnership accounting,2009) “A partnership is an association of two or more people who agree to share in the profits and losses of a business venture. The members of a partnership are called partners.”. When discussing partnerships, there are three types of partners that need to be considered, a silent partner, limited liability partner, and a general partner. So when entering into the partnership, it needs to be known upfront exactly which type teach is going to be. There are also three different type of partnerships: a general partnership, limited partnership, or a joint venture partner. These three also need to be considered along with what type of partner each is going to be. When considering a partnership, there are many advantages of partnerships. For example, they are easy to establish and organize, the business benefits, along with many more. Like anything else in this world, there are also disadvantages of entering into a partnership. Things like being jointly and individually reliable for other partner’s actions, profits must be shared, and disagreements are all but guaranteed to arise. There are many more disadvantages that will be covered later on. I will also touch base on the FAS standards, including the creation, operation, and liquidation of partnerships.
Corporation

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