Creating a partnership as a tax entity has consequences, and these consequences often are very different from those inherent in the corporate form of business. Many of these consequences can be quite dramatic, particularly if the business goes sour or if catastrophic, unforeseen circumstances arise—many of them don't have a thing to do with taxes. What are some of the more significant nontax consequences of choosing the partnership form of business? Which ones do you think are the most important to consider, and why?
