Unformatted text preview: under a written agreement .-No need for a written agreement, legally. Only morally right.-Advantages o More resources o Shared management & pooled knowledge o Longer survival o No separate taxes, but are tax forms to file-Disadvantages o Unlimited Liability o Profits are divided o Disagreements between partners o More difficult to dissolve-General partnerships o Need not have same interest in control-Limited Partnership o General partners and limited partners o Limited liability for limited partners- Uniform partnership Act...
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- Spring '07
- Business Law, Corporation, Types of companies, Sole Proprietorship Disadvantages, Limited Partnership o General partners