Evaluate the pros and cons of the partnership as a form of business ownership

What will be an ideal response?

Answer:
The most basic type of partnership is general partnership, in which each co-owner may take an active role in management. Compared to the sole proprietorships, a general partnership offers the advantages of pooled financial resources and the benefits of a shared workload that can take advantage of complementary skills. The earnings of general partnerships taxed only as income to the partners; there is no separate income tax on the business itself. One major disadvantage of a general partnership is that each owner has unlimited liability for the debts of the company. Moreover, disagreements among partners can complicate decision making. Finally, the death or withdrawal of a partner can create instability and uncertainty in the management and financing of the company.
There are two other common types of partnerships. A limited partnership must have at least one general partner and at least one limited partner. General partners actively manage the company and have unlimited liability for the company's debts. Limited partners have limited liability but may not actively manage the partnership. In a limited liability partnership, all partners may manage their company and are protected by some degree of limited liability for the debts of their firm.