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What is partnership/General Partnership?

 
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Category : > Partnership
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.

 

If you are ready to order for a partnership or a general partnership registration please click order now button or for additional information read more. You can also use our 24/7 live chat service for free consultation or toll free +1 (866)754 4460

 

 

  


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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?
Reply : infotaxsquare.com
 

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?
Reply : infotaxsquare.com
 

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.
Reply : infotaxsquare.com
 
Dear  Faye Hancock,

Thanks for choosing InfoTaxSquare.com 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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Cathy   wrote on : Fri Jun 10th,2011
My husband and I own a business and want to form a partnership for the business. Where and how do we register as a partnership? Do we need a new business license?
Reply : infotaxsquare.com
 
Dear Cathy, Thanks for choosing InfoTaxSquare.com for your business needs. Yes you are required to form your partnership with the state of county depends on the state and county where you live. You also may need to get other licenses depends the nature of your business.

Please either call us at 516.822.3100 or email at support@infotaxsquare.com for any additional information.

https://www.infotaxsquare.com/forms/partnership_reg.php



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