00:01
Okay, so here we have that loretta has started a veterinary business, and she's planning a business with dan.
00:07
So this type of business is going to be called a partnership business.
00:11
So a partnership business.
00:24
Okay, and then a partnership business is going to be a type of business ownership where two or more people join in a partnership to form a similar business.
00:36
So unlike other ownership, partnership doesn't need any kind of formal paperwork to form the partnership.
00:45
So now we're going to look at advantages and disadvantages.
00:48
So first, advantages of this type of ownership are going to be that both the partners can combine their own knowledge with each other to form an effective business base.
01:06
Also, partners can share each other's strength and unique skills.
01:10
To successfully run the business...