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I think the biggest weakness of a general partnership is the fact that the partners are personally liable for anything that happens in a business. In other words, if someone has grounds to sue, then they can go after your personal assets such as your home, bank account, etc.
The advantage of a general partnership is that it’s taxed at a lower rate. The owners don’t get taxed twice like they would in a corporation.
#1 by Christa C on 11/24/2011 - 7:03 AM
I think the biggest weakness of a general partnership is the fact that the partners are personally liable for anything that happens in a business. In other words, if someone has grounds to sue, then they can go after your personal assets such as your home, bank account, etc.
The advantage of a general partnership is that it’s taxed at a lower rate. The owners don’t get taxed twice like they would in a corporation.