Robert E. Lee and his horse, Traveller: One of the greatest human-equine partnerships of all time. And a true "love at first sight" story. . .get out your hankies horse lovers! Read our blog story!: http://stargazermercantile.com/general-robert-e-lee-and-traveller/
General partnerships can be successful and those shown above show that they can be extremely successful. Some advantages of general partnerships are simplified taxes and less paperwork. Disadvantages of these are legal liability and management issues.
General partnership consists of two or more owners to share the responsibility for the operation, financial performance and liability of the business. Partnerships are formed through oral or written contract. In these agreements, contributions and responsibilities are specified. Even though there are two partners in the cooperation, one partner alone could be liable for the entire amount of the debt.