Restaurant business and entrepreneurs

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Maria and Sylvia have always wanted to start their own restaurant business and be an entrepreneurs. As entrepreneurs, they must decide whether the business should operate as a general partnership or as a limited partnership. Which is the better choice?

NOTE: Remember to consider flexibility of decisions, restrictions and personal liability. For example, a limited partnership, one of the partners is limited and are not involved in the day to day management as well as having limited liability if something happens to the business. A general partnership involves an agreement of how the partnership will be managed, outlining the roles of each partner. However, in a general partnership the partners may be personal liable for debts of the business.

Reference no: EM133188458

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