The National Directory of Certified Public Accountants

Ask A CPA - Business Start-ups

What Are Some Advantages And Disadvantages Of Selecting To Be A Partnership Compared To Other Entities?

An advantage is that it is a way to combine the financial abilities and skills of several different people. Some disadvantages are that the general partners are liable for the actions of the other partners and a partnership is not that easy to get out of. Speak to your local CPA about selecting the best entity for your purposes.

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