• Partners are jointly and severally liable for the actions of other partnership obligations including contracts, torts, and breaches of trust.
• Each partner is individually liable for the debts and obligations of the business; if the business does not have enough assets to pay back business debts, creditors can take the personal assets of the partners.
• A partner cannot transfer interest in the business without the unanimous consent of the partners.
• Partnerships can potentially be unstable because of the danger of dissolution if one partner wants to withdrawal from the business or dies