Partnership and corporation

A partnership is an association of two or more persons to carry on a business for profit. When the owners of the partnership have unlimited liability, they are called general partners. If partners have limited liability, they are “limited partners”. They may be a silent partners as well – person who is known to the public as a member of the firm but without authority in management. The reverse of the silent partner is the secret partner – a person who takes part in management but who is not known to the public.
Any business may have the form of the partnership, for example, in such professional fields as medicine, law, accounting, insurance. Partnerships have more advantages than sole proprietorship if one needs a big capital or diversified management. Like sole proprietorship they are easy to form and often get tax benefits from the government. Partnership have disadvantages too. One is unlimited liability. It means that each partner is responsible for all debts and is legally responsible for whole business. Another disadvantage is that partners may...

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