A partnership arises whenever two or more people co-own a business and share in the profits and losses of the enterprise. Other enterprise legal constructions embrace sole proprietorships, restricted legal responsibility corporations (LLCs), firms, and nonprofit firms.
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A partnership, as distinguished from a corporation , is just not a separate entity from the person house owners. The partnership earnings tax is paid by the partnership, however the earnings and losses are divided among the companions, and paid by the partners, based on their agreement. Things change. Don’t let the worry of talking about a partnership break-up … Read more