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What is partnership/General Partnership?

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Category : > The Knowledge Center of Partnership Registration In The USA
Posted On : Fri Aug 28th,2009


Partnership is a form of business in which two or more sound persons come together to form a new business with the same interest in mind. In Partnership, all partners act towards the single strategic direction and all partners are equally liable. In partnership all partners share profit and losses in the ratio agreed upon.

Partners are responsible for the other partner's business actions, as well as their own. Each partner is bound by the acts and representations made by their co-partners in dealing and transacting with third persons. Registering a partnership is fairly simple; each partner must agree to do business with the others. Moreover, a partner may contribute not only money or capital contribution. He may likewise put in his business or industry in the partnership.


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Comments (4)
John White   wrote on : Tue May 04th,2010
How do we divide up the partnership based on roles and initial investment?      View Detail
Reply :

Technically, you are required to write operating agreement disclosing duties, responsibilities and contribution and distribution arrangements.

Anderina   wrote on : Tue May 04th,2010
My partner is leaving state because of family problems - how do we end the partnership?      View Detail
Reply :

You are required to change the status of your current entity from partnership to sole proprietor.

Faye Hancock   wrote on : Sun Feb 13th,2011
A friend of mine recently bought into a small consignment shop, no legal documnation drawn up, only a piece of paper signed by both parties. She invested $l2,000, is receiving only a small amount monthly (no set amount was agreeded on), she is not on the checking account, and the books are kept very loosely, She now wants her money back, the agreement stated that this could be done, only now the other party is saying there is no money to refund the money invested back to my friend. Short of going to court what can she do.      View Detail
Reply :
Dear  Faye Hancock,

Thanks for choosing for your business needs. We would suggest you to please consult to an attorney about your issue. Because our job is limited to business registration.

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