Recall the chapter's opening feature involving Omar Soliman and Nick Friedman, and their company, College Hunks Hauling Junk LLC. Assume that Omar and Nick, partners in the company, decide to expand their business with the help of general partners.
Required:
1. What details should Omar, Nick, and their future partners specify in the general partnership agreements?
2. What advantages should Omar, Nick, and their future partners be aware of with respect to organizing as a general partnership?
3. What disadvantages should Omar, Nick, and their future partners be aware of with respect to organizing as a general partnership?