MANAGEMENT

Detailed explanation-1: -The advantages of an unlimited partnership are the simple registration, no minimum capital requirement and simple structure of the company.

Detailed explanation-2: -Some advantages of unlimited liability are as follows: Owners have the ultimate power and complete control over the business. They are free to make all business decisions within the law. Establishing and organizing sole proprietorship and general partnership firm is easy.

Detailed explanation-3: -General Partnership: Best for New Partners There is no limit to their personal liability, meaning that the partners have unlimited responsibility for company debts and legal liabilities. Similar to a sole proprietorship, the partnership doesn’t need to form a formal entity but may.

Detailed explanation-4: -Disadvantages of a partnership include that: the liability of the partners for the debts of the business is unlimited. each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts.