The correct answer is Partnership business.
What is Partnership Business?
- A partnership business is defined as two or more people pooling their resources to form a company and agreeing to share risks, profits, and losses.
- Law firms, physician groups, real estate investment firms, and accounting groups are common examples of partnership businesses.
What are the advantages of the Partnership business?
- Better financial position. The ability to pool resources can provide your company with more capital and access to new investors, as well as improve the company's ability to borrow money. Sharing business expenses with your partners can help you save more money than you would otherwise.
- Trust your brain. A key benefit of a business partnership is the ability to share skills and institutional knowledge. This can help you broaden your expertise and your company's versatility.
- A larger network. You can develop new relationships and expand your professional network by sharing contacts and connections with your business partners.
- New perspectives. By viewing things from a different perspective, bringing in partners can provide new perspectives on how you do business. Partners can provide new ideas, market strategies, and inspiration to help your company grow.
- Tax breaks. If you form your company as a general partnership, you may not have to pay income taxes. In Canada, a partnership does not pay income tax on its operating profits and does not file a tax return on its own. Instead, each partner reports a portion of the partnership's income or loss on his or her personal, corporate, or trust income tax return.
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