The Partnership (2) Partnerships are inexpensive and easy to form. General partners have unlimited liability. The life of general partnership is limited Raising large amount of cash is difficult ■ Personal income tax Management control reside with the general partners slide 9slide 9 The Partnership (2) The Partnership (2) ƒ Partnerships are inexpensive and easy to form. ƒ General partners have unlimited liability. ƒ The life of general partnership is limited ƒ Raising large amount of cash is difficult. ƒ Personal income tax ƒ Management control reside with the general partners