As a business legal structure, partnerships are usually divided into two key categories: general and limited partnerships. Limited partnerships are more complex and are associated with fewer legal liability risks, often taken up by a single partner who takes liability for all claims (Jeter & Chaney, 2019) . On the other, general partnerships are characterized by several legal risks, the greatest being the unlimited liability that individual partners experience since general partnerships makes all partners equally liable to creditors, debts, and lawsuits (Jeter & Chaney, 2019) . Notably, general partnerships expose partners to unlimited liability because they lack separate legal personalities, making all partners jointly and severally liable for the business's debts and losses and each other's actions (Jeter & Chaney, 2019) . As such, assets belonging to individual partners in a general partnership are always exposed to the risk of being seized by creditors if the business was to be in trouble, a risk that partners in a limited partnership are not exposed to.
Moreover, since general partnerships lack independent legal existence separate from the partners, they tend to be dissolved upon one of the partner's resignations or death unless the partnership has an agreement or an alternative provision on handling one of the partners' resignations or death. Even in the presence of a partnership agreement or an alternative provision, upon the resignation or death of one of the partners, the remaining partners can usually not purchase the outgoing partner's business share, causing the partnership to be dissolved eventually (Jeter & Chaney, 2019) . The risk of dissolution of a general partnership upon one of the partners' resignations or death causes such partnerships to suffer instability and insecurity that often diverts partners' attention from the business's development.
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If given a chance to join a partnership, I would choose to limit my liability by joining a limited partnership where I would only serve as a passive investor who does not engage in a business's day-to-day activities. I would not enter a general partnership because I prefer working individually to working in a team. Moreover, I would not take up a chance to join a general partnership because I regard general partnerships as complicated relationships that are usually characterized by conflicts for lacking contracts and agreements that specify each partner's obligations and responsibilities.
References
Jeter, D. C., & Chaney, P. K. (2019). Advanced accounting . John Wiley & Sons.
