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| Partnerships
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Partnerships fall into two categories, general
and limited.
General partnerships do not limit
liability for any partner.
Limited partnerships
limit liability for the limited partners but not for
the general partner (the controlling or operating
partner or partners). Lack of limited liability for
all partners and owners is a major disadvantage
of partnerships. In addition, limited partners
have no vote or say in how the business is run.
The LLC appears to be a better choice in all
cases where a partnership might be considered.
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