Management freedom is absolute. Capital is limited to the proprietor's personal capital. Income from the business is taxed as personal income to the proprietor. A partnership is a voluntary association of two or more persons to carry on, as co-owners, a business for profit. There is generally no registration for filing fee.
Liability is unlimited.
Unless the partnership agreement specifies otherwise, the partnership is dissolved upon withdrawal or death of a partner. Transferring ownership requires the consent of all partners. A majority vote of partners is required for control. Capital is limited by the partners' ability and desire to contribute. Income from the business is taxed as personal income.