The nature of partnership is to form a business organization where two or

more people team together to run a business. Partnership differs from a

single proprietorship as it involves two or more person to run the business

while in single proprietorship only one person holds the whole business.

Limited partners are only liable up to the amount of their capital

contribution, but general partners are liable indefinitely and have complete

managerial power. For me, I think that it’s an advantage for a partner to

have an unlimited liability as all of the partners have a responsibility to

maintain their business. But financially, I think that it’s a disadvantage as

the partners will suffer more financially if the business did not succeed or the

owner of the business did something that can harm the business.