Thank you for the opportunity to help you with your question!
In a general partnership, you also have unlimited, personal liability for the acts of all of the other owners.The general partner experiences all of the same exposures to
liability as the sole proprietor, plus unlimited, personal liability for
the acts of all of his co-owners. This should make even the biggest
risk-taker reconsider that decision.It has been said that when
the biggest accounting firms were operating as general partnerships,
they relied on one asset protection strategy.
Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 18th, 2015
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