What is partnership/General Partnership?  
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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.

Why should I create Partnership?  

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Persons with small investment often choose a sole proprietor business structure when starting up. Greater rewards may result from forming a partnership. Partnership registration offer more freedom for business owners with shared business tasks and the potential to earn greater profits. There are many advantages to sharing a business with partners, including:

Forming a Partnership:  

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If you have decided to form a partnership then you must go through an extensive process to make your partnership legally authorized. In this act of deed you need to start with;

What is a partnership agreement or partnership deed?  

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Forming a partnership agreement is equally important because it reflects the way partners will perform their duties and tasks. Registering partnership means setting out the specific conditions that apply to the partnership. It will spell out the responsibilities of the parties involved and should as a minimum cover the following provisions.

Is it necessary to develop a partnership agreement?  

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A partnership agreement is the key to keep business on track although it is not necessary.

It is a common practice that when two or more people work together, they are generally more concerned with their ideas, innovations and creative directions, rather than their legal status. However, it is important to consider and resolve the rights, roles and responsibilities of each member of the partnership in writing before a misunderstanding or dispute arises. Written agreement helps in this regards.

Remember a solid partnership should be founded on good communication.

How can I register partnership?  

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Partnership formation may take various forms depending on how the partners agree to create it and to carry out their objects and purposes. For assistance call us 24/7 +1 (866) 754 4460

Can I invest other than cash in a partnership?  

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Yes, your investment can be either of any type like Physical Assets Furniture, Equipments, Land, Building etc.

General Partnership:  

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A general partnership (or simply partnership) is an association of two or more persons or other persons (such as a corporation and an individual) conduct business as "partners", whether officially or not, with the goal of earning a profit. All members of a general partnership are called General Partners. Each general partner takes part in the management of the business, and also takes responsibility for the liabilities of the business. If one partner is sued, all partners will be held liable. Anything that one partner does affect all of the partners, because each partner of the general partnership is personally responsible for all obligations of the general partnership. Forming general partnership is the least desirable for this reason.

Liability of General Partnership.

Points mentioned below can better describe the liability of General Partnership.

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Please feel free to contact our representatives to guide you via telephone +1-866-754-4460 or email at support@infotaxsquare.com for more detailed information.