If you have been considering forming a partnership, you probably want to know a little bit more about the process along with some advantages of partnership.
There are 2 forms of partnerships: general or limited partnerships.
While a general partnership is easier to form, each partner assumes the same amount of liability when it comes to paying debts or responding to a lawsuit.
However, a limited liability partnership or limited partnership limits the liability that is assumed by the partners.
If you have any questions about the partnership advantages you’ll be getting, email at email@example.com with your questions.
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What is a Partnership?
A partnership is a relationship that is created by a contract between two or more people to perform business activities in a co-ownership capacity.
In some partnerships, the partners or co-owners take an active part in the business while other partnerships include partners whose partnership participation is limited.