Final answer:
General Partnerships involve personal liability for debts, while Limited Partnerships offer limited liability and pass-through taxation.
Explanation:
General Partnerships involve multiple owners who share profits and are personally liable for the business's debts. This can lead to owners risking their personal assets.
Limited Partnerships offer limited liability to partners, protecting their personal assets from business debts. They typically receive pass-through taxation, where partners individually pay taxes on their share of the income.
Dual taxation is a financial disadvantage associated with corporations, where profits are taxed at the corporate level and then again when distributed to shareholders as dividends.
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