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What are the disadvantages of the partnership

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Problem - Kathy Lentz, Rob Snyder, and Tom Rohm were all general partners in a consulting business. Each partner owned one-third of the business. The partnership agreement stated that all three partners must approve vouchers for payments in amounts exceeding $5,000. While Tom was on vacation, Kathy and Rob decided to purchase a new computer system costing $6,800. A voucher was prepared and Rob signed both his and Tom's name. Kathy signed her name and gave the voucher to the accounts payable clerk who wrote the check for $6,800. What are the disadvantages of the partnership form of business ownership?

Reference no: EM132723213

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