One drawback of a partnership is that each participant has unlimited accountability for the obligations of the company. The debts of the partnership are "jointly and severally" owed by each member.
A limited company is a type of business where two or more persons enter into a legal agreement to be co-owners, share in the organization's profits or losses, and divide the duties for managing it.
By definition, a partnership business consists basically two or more individuals who pool their resources to create a company and agree to split the risks, rewards, and losses. Law firms, medical groups, private equity firms, and accountancy groups are typical instances of partnership businesses.
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