Setting up a partnership is relatively easy. All that is required is for the people concerned to agree to share the decisions within a business, or start to work together as joint owners of a business. If this happens, they are automatically considered to be partners and will share both the responsibility and profit.
As there is more than one owner, there will be more money available to help set up the business.
New partners can bring in new skills and experience that may help the business to make more profit.
You can share out the responsibilities between the partners. This means that no single person is responsible for running all of the business.
If the business experiences financial difficulties there will be other people to share the costs with you. This reduces the risk of losing money
Expanding the business can be made easier as new partners can be introduced. They may put money into the partnership which could be used for buying new, or updating existing, machinery.
Some financial details can be kept private from others, as you don’t have to publish your accounts - many people do not like others to know how much they earn.