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Form of real estate organization created by an agreement between two or more individuals who contribute capital and/or their services. Advantages are: it is easily established with minimal organizational effort and costs; and it is free from some of the government regulations. Disadvantages are: it involves unlimited liability for the individual partners; it ceases to exist upon the withdrawal or death of any of the partners; and its ability to raise large amounts of capital is limited. A partnership consists of general partners and limited partners.