(Optional) Summarize the legal requirements and the advantages and disadvantages of a partnership.

Summary should convey that a partnership is an agreement in which profits, losses, and management decisions are made by the partners, who, in turn, have rights, duties, and liabilities. General partnerships differ from limited partnerships.

• Partnerships should be written and should spell out rules and regulations.
• Partnerships can be formed automatically, without submitting forms.
• Partnerships must comply with applicable government rules and regulations
• There may be two or more parties in the partnership.