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As well, the partnership can grow with the addition of new members or partners and capital. (Ebert et al, 2005)
Several disadvantages include unlimited liability, which can potentially make all partners liable for one partner's expenses and a potential lack of continuity when partners die or retire. As well, all of the partners must concur when transferring ownership or selling the firm, unless stipulated legally elsewhere, such as in a partnership document that might give rights to sale to the founding partner. (Ebert et al, 2005)
? Advisory Two
The option of a limited liability corporation should be recommended to the applicant in this case...
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