Summary for Partnership Advantages Disadvantages Can be simple Unlimited liability for Low setup cost, higher the general partner than sole Difficult to raise proprietorship additional capital, but Relatively quick setup easier than sole proprietorship Limited liability for limited partners Transfer of ownership difficulties 2-82-8 Summary for Partnership Advantages Can be simple Low setup cost, higher than sole proprietorship Relatively quick setup Limited liability for limited partners Disadvantages Unlimited liability for the general partner Difficult to raise additional capital, but easier than sole proprietorship Transfer of ownership difficulties