Avoiding Legal Actions Between Partners
A partnership is one of the easiest businesses to establish. Start-up costs tend to be lower than for many other types of business structures, such as an LLC or corporation. Partners tend to have more access to capital and greater borrowing capacity because they can fund their business with their personal assets. However, they do risk losing their business and personal assets if the partnership fails, like sole proprietors.
In a rush
to get their business started, the partners may put off...