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what are liability disadvantages of partnerships?

what are liability disadvantages of partnerships?

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what are liability disadvantages of partnerships?

what are liability disadvantages of partnerships?

Answer

Liability disadvantages in a partnership.
First there is the factor that each person has their own personal lives.
Such as one person gets divorced they might have to sell share in their company to help with costs.
But more importantly partnerships is an agreement between two people.
At least.
The problem occurs because they are not covered from liabilities on the outside.
You and I could be partners in an apartment investment.
If someone falls just being partners does not cover our liability risk.
You would need an llc for that.
You also have to define everything that is going to be occurring in the business most times people do not take the time to hammer out the small details.

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Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 12 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 125 views.

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