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Also a partnership can have no more than twenty members but there are exceptions under Art. 665 of 1986 order including solicitors, accountants and certain other professional bodies. Before a partner enters into an agreement they need to understand that they usually have unlimited liability but the Limited Liability Partnership Act 2000 allows partners to achieve limited liability for general trading debts which is often employed by large accounting and law firms...
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Under a partnership agreement it can be very flexible in the way that the original agreement can be altered if agreed and investment is also encouraged when needed. A main advantage of an agreement is in such times as the company is sued then all parties accept responsibility together. Some of the downfalls of creating a partnership can be when a company amasses debts then if one of the partners dies then his/her responsibility for this debt is cleared as is placed onto the other partners while also all partners have unlimited liability unless there is a limited liability agreement in place at the commencement of the partnership...
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