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A partnership is appropriate if you do not want to be the sole owner. However, the...

A partnership is appropriate if you do not want to be the sole owner. However, the risks are similar as a sole proprietor in regards to personal assets. There are two types of partnerships: general partnership and limited partnership. In a general partnership, all partners are personally liable for business debts. Any partner can be totally responsible for the business AND any partner can make decisions regarding the business on their own. How does this influence your decision-making regarding with whom to partner with?

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Parnership = all partners are personally liable for business debts. Any partner can be totally responsible for the business AND any partner can make decisions regarding the business on their own.

Limited Liability Partnership Not Liable to all partners are personally liable for business debts. Any partner can not be responsible for the business. it is a saperate legal entiny.

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