Response to the following problem:
Recall the chapter's opening feature involving Chance Claxton and Lynn Julian, and their company, Kids Konserve. Assume that Chance and Lynn, partners in Kids Konserve, decide to expand their business with the help of general partners.
Required:
1. What details should Chance, Lynn, and their future partners specify in the general partnership agreements?
2. What advantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership?
3. What disadvantages should Chance, Lynn, and their future partners be aware of with respect to organizing as a general partnership?