Assume that you own and operate a small business and that you have decided to expand with

Question:

Assume that you own and operate a small business and that you have decided to expand with the help of general partners.
Required
1. What details should you and your future partners specify in the general agreements?
2. What advantages should you and your future partners be aware of with respect to organizing as general partnerships?
3. What disadvantages should you and your future partners be aware of with respect to organizing as general partnerships?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...