Partnerships can include corporations and other business entities as partners.
In general, all of the personal property of each partner is potentially exposed to liability for partnership debts. The major drawback to this form of ownership is its lack of legal protection for the partners. If the actions of one partner create a partnership obligation it is possible that another partner may be held financially responsible for the obligation. A well-drafted partnership agreement may be necessary to protect the interests of the partners because in the absence of such an agreement with specific provisions, the terms of the Uniform Partnership Act apply to the business. In some instances the Act supplies terms which are undesirable to the partners or have other unintended results.