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Akandz

Partnership: a business entity that involves the creation of a business by 2 or more individuals.

These business identities are often made through a partnership agreement. Within a partnership agreement the individuals often must agree upon:

  • the amount of money put in by each partner
  • the sharing of profits and losses by each partner
  • the roles and responsibilities of each partner
  • the rules around accepting new partners or withdrawing existing partners
  • the procedures for ending the partnership

If a partnership changes, the agreement ceases to continue. The addition of the departure of a partner in the partnership alters the legal structure and ownership, which requires forming a new partnership agreement. Therefore, it is true whenever a partner mix in a partnership changes, the old partnership ceases to exist and a new partnership begins

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