Reasons Why General Partnerships are Liability Nightmares

General Format

General partnership must have two or more persons. It is a conduit where the profit or loss flows through to the partners. All partners enter into partnership by either oral or written agreement.The partnership profit or loss on their individual income tax returns.

• You May Be an Unaware General Partner
• Partners Have Unlimited Liability for Partnership Debts
• Partners Have Unlimited Liability for Their Partners’ Acts