form of business organization created by an agreement between two or more persons who contribute capital and/or their services to the organization. Advantages are: (1) it is easily established with minimal organizational effort and costs; and (2) it is free from special government regulation. Disadvantages are: (1) it carries unlimited liability for the individual partners (firms organized as co-partner-ships do not dissolve with the death or withdrawal of a partner); (2) it is dissolved upon the withdrawal or death of any of the partners; and (3) its ability to raise large amounts of capital is limited. GENERAL PARTNERS are those who are responsible for the day-to-day operations of the partnership and who are responsible for the partnership's total liabilities, while LIMITED PARTNERS are those who contribute only money, who are not involved in management decisions, and whose liability is limited to their investment.