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In:
- Partners face unlimited liability for all the debts of the partnership. This means that the personal assets of each partner are at risk.
- Partners are jointly liable for partnership debts. This means that if one partner fails to pay his share of the partnership debt, the other partners must make up the shortfall.
- Any individual partner can be sued for all the debts of the partnership.
- The partnership does not have its own separate legal identity from the partners. Therefore, unless otherwise agreed, the partnership will come to an end each time a partner leaves.
- The avenues available for access to further capital for expansion are restricted by the amount of security that can be given personally by the individual partners.
