Final answer:
A disadvantage of a general partnership is the 'unlimited liability' it imposes on partners, posing a risk to their personal assets. Other characteristics like ease of formation, voluntary association, and shared profits are typically seen as advantages, though the requirement to share profits can also create challenges.
Step-by-step explanation:
One of the disadvantages of a general partnership is unlimited liability. This means that each partner is personally liable for the debts and obligations of the business. If the business cannot pay its debts, creditors can go after the personal assets of the partners, which can include homes, cars, and other personal property. This risk stands in contrast to a limited liability partnership, where a partner's liability is usually limited to their investment in the business.
It is important to note that a partnership has other characteristics like ease of formation, voluntary association, and participation in partnership profits which are generally considered advantages. However, the fact that partners must share profits and the potential for disputes regarding management and the direction of the business can also pose challenges.