write any one limitation of partnership?
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Disadvantages of a partnership include that:
•the liability of the partners for the debts of the business is unlimited
•each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts
•there is a risk of disagreements and friction among partners and management
•each partner is an agent of the partnership and is liable for actions by other partners
•if partners join or leave, you will probably have to value all the partnership assets and this can be costly
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