Review:
General Partnership
overall review score: 3.5
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score is between 0 and 5
A general partnership is a business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. Each partner is jointly and severally liable for the debts of the business.
Key Features
- Shared management
- Shared profits and losses
- Unlimited liability
Pros
- Ease of formation
- Shared decision-making
- Ability to pool resources
Cons
- Unlimited liability
- Potential for disagreements among partners
- Lack of separation between personal and business assets