MANAGEMENT

Detailed explanation-1: -There are impediments to a general partnership, essentially risk. General accomplices/partners are by and by at risk for the business obligations and liabilities. Each accomplice is additionally liable for the obligations brought about by the activities of different accomplices.

Detailed explanation-2: -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.

Detailed explanation-3: -The disadvantage, though, is that the limited partner doesn’t have much say in regular business matters or large decisions. If he or she participates too much in the day-to-day activities, the limited partner could lose that limited partner status and become a general partner.