<Li> Draw out or receive back any part of their contributions to the partnership during its lifetime; or </Li> <Li> Take part in the management of the business or have power to bind the firm . </Li> <P> If they do, they become liable for all the debts and obligations of the firm up to the amount drawn out or received back or incurred while taking part in the management, as the case may be . </P> <P> Under U.S. law a partnership is a business association of two or more individuals, through which partners share the profits and responsibility for the liabilities of their venture . U.S. states recognize forms of limited partnership that may allow a partner who does not participate in the business venture to avoid liability for the partnership's debts and obligations . Partnerships typically pay less taxes than corporations in fields like fund management . </P>

Visit to partnership firm & study the management of the firm & a report on it