Key Characteristics

Formed by agreement, either written or oral

Each partner has unlimited personal liability for partnership debts

Pass-through taxation

Shared management responsibilities

5.1.3 Advantages

Ease of formation

Pooled resources and expertise

Flexibility in management structure

5.1.4 Disadvantages

Unlimited personal liability for all partners

Potential for disputes among partners

Dissolution upon death or withdrawal of a partner (unless otherwise agreed)

5.1.5 Legal Considerations

Importance of a comprehensive partnership agreement

State-specific registration requirements

Fiduciary duties between partners