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...Business entities video series script three general partnership a is owned by two or more people even husband and wife who carry on the as partnerships have specific attributes which are defined kansas statutes all partners share equally in right responsibility to manage each partner responsible for debts obligations of distribution profits losses allocation management responsibilities other issues affecting usually written agreement may file different statements with office secretary state filings optional not mandatory filing fee certain advantages easy organize has few initial costs draws financial resources abilities from it quasi entity status that own assets contract name sue be sued separate bankruptcy liability shared take personal income tax deduction register trademark service mark help prevent confusion resulting deceptively similar names disadvantages personally liable just his her thus if company truck involved an accident s attached court compensate injured party power ac...