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What are the main advantages of (a) proprietorship

What are the main advantages of (a) proprietorships, (b) partnerships, and (c) limited liability companies? What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business? Emilio Álvarez and Graciela Zavala joined together to form a partnership. Is it possible for them to lose a greater amount than the amount of their investment in the partnership? Explain. What are the major features of a partnership agreement for a partnership, or an operating agreement for a limited liability company?

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