what are the advantages of a general partnership 
general partnerships can be simple to set up people can get together declare that they re a partnership and start working immediately in most cases a general partnership isn t required to register with the state it does business in incorporation isn t required either it can be dissolved automatically when one partner leaves and it doesn t pay taxes though the partners do 6who owns a general partnership the partners own the partnership ideally the partnership will create a partnership agreement that among other things states who the partners owners are as well as the profit allocation percentage for each 3the bottom linea general partnership is a business with at least two owners or partners who agree to share the responsibilities involved in running the business a partner has unlimited personal liability for any and all debts and obligations of the company each partner reports their share of business profits and losses on their individual tax return and pays any taxes due the partnership itself isn t subject to taxation a general partnership is a common type of business due to the fact that it s easy to set up and dissolve however a general partnership may need to restructure at some point as it grows and encounters greater business risk so as to limit the exposure to personal financial liability that partners have 