Top caribbean vacations for Another disadvantage of partnership is that when one partner does not want to continue to be involved, the partnership has to be dissolved first before any new arrangement can be made. The partners must first fulfill any remaining business obligations, pay off all debts, and divide any assets and profits among themselves. If one of the partners still wants to continue the business, he or she will have to buy-out the part of the business that used to belong to the other partner, and either turn the business into a sole proprietorship, or find a new partner to continue the business. The alternative forms of partnership that are available allow some degree of flexibility and could overcome some of the disadvantages of a simple form of partnership.
A limited partnership allows those who want to have more control of the business, but do not want to form a corporation, to have an alternative source of capital through the recruitment of limited partners.
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A limited partner can have the chance to invest in a business that is less restricted in terms of government intervention and can enjoy limited liability at the same time. A limited-liability partnership also carries some attractive advantages.
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