Partnership
Features
of General Partnership-
1)
Low cost of
entity formation.
2)
Profits
sharing Ratio.
3)
Preparation
of partnership deed
4)
Unlimited
personal liability.
5)
Maximum of
20 Partners.
The Next form of legal entity is what is called the general partnership. Now , when it comes to general partnership, you have seen many professionals in the service industry operating under this structure name only law firms. As a law office they could be numerous partners within a single business structure called the General Partnership.