Write this menu to the document. Contact Us ' or ' ', so add it afterwards. Use if you want. This is just the moving command for the example. Here's a brief overview of the advantages and disadvantages of both types of partnerships.
General partnerships are easy to create - two or more people simply agree to start a business.
Although the partnership must file a federal tax return, showing profit or loss, the partnership is not itself a separate and taxable entity, and therefore does not pay taxes. The biggest disadvantage, as with the sole proprietorship, is that general partners are subject to unlimited liability. In addition, a major drawback of partnership is that each general partner is responsible for all the acts and liabilities of every other partner. Limited partnerships , rarely used for small businesses, are much more difficult to create and operate, as they involve substantial legal formalities that must be followed. A limited partnership is made up of one or more general partners and any number of limited partners.