According to Mary Hanson (1998) no agreements are necessary to form a partnership, but you can draft an agreement if you prefer. The most compelling idea about a partnership is the ease with which a partnership can be created and managed. State registration and taxes are not required within a partnership, as is the case with an established business or limited liability company (LLC). Within a partnership taxes are easier as there are no taxes on the “partnership” but only on the partners, so there is no reason to file separate tax returns for the business and the owners (All Business, 2012). The advantages of partnerships are also that the “partners” are free to establish their own set of rules and obligations that each partner must comply with to keep the business running; whereas, for an established corporation or LLC, there is a set of rules that the state has established for the corporation to comply with. Partnerships can also be risky. One partner's actions could affect the stability of the partnership. The best means for a partnership is to have a written agreement on the obligations each partner must fulfill to keep the partnership alive and determine what shares each partner owns in the partnership. Another downside to a partnership is that any lawsuits or debts against the partnership will fall on the partner themselves; therefore, each partner is financially responsible for their share of the business debt (All Business, 2012). Partnerships are also limited to the amount of money that could be raised and the ability to attract investors. When starting a business, a partnership may not be the best fit. A more advantageous business structure may be to have a sole proprietorship if no partner is needed or if a partnership is needed… half of the paper… NERSHIP: the pros and cons. Retrieved in 2012 from bizadvisor: http://bizadvisor.com/PartnershipProsandCons.htmInvestopedia. (2012). Management accounting. Retrieved 2012 from Investopedia: http://www.investopedia.com/terms/m/managerialaccounting.asp#axzz1vmqtRLNSLake, L. (2012). Develop your marketing mix. Retrieved 2012 from About: http://marketing.about.com/od/marketingplanandstrategy/a/marketingmix.htmMcCracken, G. (2010, January 7). How Ford understood social marketing well. Retrieved 2012 from Harvard Business Review: http://blogs.hbr.org/cs/2010/01/ford_recently_wrapped_the_firs.htmlMcGowan, K. &. (2012). Business (Vol.4). Cengage Learning.Startup Nation. (2012). Financing options for a small business: finding the right financing. Retrieved 2012 from Startupnation: http://www.startupnation.com/business-articles/890/1/AT_FindingFundingThatsRight.asp