A partnership is the relationship
existing between two or more persons who
join to carry on a trade or business. Each
person contributes money, property, labor or
skill, and expects to share in the profits
and losses of the business.
A partnership is a for-profit business
association of two or more persons. Because
the business component is defined broadly by
state laws and because "persons" can include
individuals, groups of individuals,
companies, and corporations, partnerships
are highly adaptable in form and vary in
complexity. Each partner shares directly in
the organization's profits and shares
control of the business operation. The
consequence of this profit sharing is that
partners are jointly and independently
liable for the partnership's debts.
For income purposes,
the income of each partner must be reported
on on his/hers income statement.
To reduce personal
liability in case of a lawsuit we strongly
encourage to register a corporation instead
of a partnership.
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