Entering the general partnership
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enid
Apprentice
Joined: 04 Aug 2004
Posts: 7
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 Posted: 06/01/08 - 08:05 Post subject: |
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| I am about to set up a new business and it is going to be a general partnership, as we have finally decided. I took both of us ever so long to come to this decision. I hope we haven't missed out on anything. Is there anything I should take into account, which I haven't yet? Would you have any suggestions for me and my future partner? Thanks so much! |
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jethro
Apprentice
Joined: 08 Aug 2007
Posts: 8
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| Posted: 07/01/08 - 00:41 Post subject: |
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| First of all you should be aware (I am sure you are already, but you never know) that there is no form of limited liability when it comes to a general partnership. Both you and your partner can be held personally responsible for any losses which can be rather a pain if that were to happen! |
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