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Tuesday May 17, 2005 8:16 am
Business Formation: Partnership
A partnership is ideal when two or more parties want to go into business together. Using the online business model as an example, you may have the knowledge about running a business and managing its finances, but not a clue about web design, marketing, or advertising. If you happened to know someone with strong design and marketing skills, you may choose to start a company together. It is great to enter into this kind of relationship with someone you trust and can bounce ideas off of. There are a few things to look out for when forming a partnership. Each member pays taxes based on the percentage of the company that they own. This should be clearly explained and identified before starting up. A Partnership Agreement should be drawn up and signed by all parties. This should lay the foundation for the dividing of all assets and liabilities. If no agreement is in place, then all members will be considered equally liable and/or entitled to all assets and liabilities regardless of how much more or less one person works than another.
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