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Classic Sneakers Natural White puma Beige Adults' Suede 08 Vachetta Puma Unisex Partnership – advantages and disadvantages

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Last updated on February 27, 2017

Consider a partnership if the number of people involved is small (up to about 20) and limited liability is not necessary.

Advantages of a partnership include that:

Disadvantages of a partnership include that:

  • the liability of the partners for the debts of the business is unlimited
  • Vachetta Beige Sneakers Suede Adults' Classic White Puma Unisex puma 08 Natural 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
  • there is a risk of disagreements and friction among partners and management
  • each partner is an agent of the partnership and is liable for actions by other partners
  • if partners join or leave, you will probably have to value all the partnership assets and this can be costly.

To end or dissolve a partnership in Tasmania we recommend seeking legal advice regarding what is required.

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