Title: (Optional) Summarize the legal requirements and the advantages and disadvantages of a partnership.
Course: Business Law (12054-18) > Section: Analyzing Types of Business Organizations

Summary should convey that a partnership is an agreement in which profits, losses, and management decisions are made by the partners, who, in turn, have rights, duties, and liabilities. General partnerships differ from limited partnerships.

- Partnerships should be written and should spell out rules and regulations.
- Partnerships can be formed automatically, without submitting forms.
- Partnerships must comply with applicable government rules and regulations
- There may be two or more parties in the partnership.