What are the pros and cons of forming a general partnership?

What are the pros and cons of forming a general partnership?

The pros and cons - I think that the pros, first off, are very similar to the pros for a sole proprietorship. As soon as you get together with a friend and say, "Let's do this," and you start doing a business, you have one. You have a general partnership; you don't need to sign an agreement, you don't need a lawyer, you don't really need anything; all you need is an idea and a little work behind it. The cons, also very similar to the cons for a sole proprietorship, are in that every single partner has unlimited liability; every single partner's responsible for debts. If someone sues that business, both or all of the partners could end up being bankrupt, and each of their houses could be seized. Any assets that they own could be seized. The one additional con that you have with a general partnership that you don't have with a sole proprietorship is the fact that any partner or any of the general partners can bind the business in a contract just by talking with a vendor. Someone could call up and say, "Hey, we'd like to sell you this new device, or this new thing", and if someone says, "Done - I want it," the entire business including the other partners who didn't even vote for it are responsible for it.