Partnership
Mark S. Elliott has spent 25 years working in various management roles within the tenanted and leased divisions of the UK's largest breweries and pub companies. His extensive knowledge and day-to-day involvement with pubs and publicans make him well qualified to know what is required to run a successful pub. He shares his knowledge and many 'insider tips' with you in this book. Mark is based in Cockermouth, Cumbria.
PARTNERSHIP
A partnership is where two or more people run a business and share the decision-making responsibilities, business risks and costs. Each partner is regarded as self-employed. A partnership is another popular way of operating a public house business, especially for husband and wife arrangements.
Pros
- Can be set up with few formalities.
- Each partner shares any profits.
- Decisions are shared.
- Expertise can be shared and risks spread.
- Money can be raised by introducing new partners – ‘sleeping’ partners may contribute money without being involved in running the business.
Cons
- Each partner is personally liable for the business debts even if incurred by another partner.
- Partnerships can be dissolved through disputes or the resignation, death or bankruptcy of a partner.
- Problems can occur where partners are incompatible.
