Choosing the Business Structures for Our Business

| A general partnership is comprised of a group of two or more individuals who enter into an agreement to start a business. The partners and the business are legally the same. The partners enter into an agreement called the articles of partnership and are typically equally active in the business and the business’s management, unless otherwise stated in the partnership agreement. All profits and losses are shared by the partners in a joint business venture.

Our business is a partnership type of business because it’s owned by two people. Through our partnership, we will increase the level of our business, making decisions and implementation of changes can be fast, and we cover each other for holidays and

A partnership is an arrangement between two or more groups, organizations or individuals who work together to achieve common aims or who have common interests.

Partnerships is a type of business entity where owners spread profits, losses and costs of the

A partnership is the creation of two or more people who operate a business as co-owners and share profits. There is a collective amount of money that is contributed to the organization as it pertains to all aspect of the business and in return each individual share equally the profits and losses of the business. Partnerships require that there be a partnership agreement established because more than one person can make decisions for the partnership. The agreement should include how future business decisions will be made, the profits will be split among the partners, and the dissolving of the partnership (sba.gov). The partnership must file an annual information return that reports income, deductions, gains, and losses that occur from normal business operations. The business does not pay income taxes but the business pass through any profits and losses to its partners. Taxes that are included in a partnership are: employment tax, excise tax, annual return of income, income tax, self-employment tax, and estimated tax. Other qualifications of a partnership is that partners must furnish a copy of their Schedule K-1 form to all the partners by the date of the Form. It is important to remember that partners are not employees and they are not to be issued a W-2 Form.

A Partnership is a business form that consists of two or more individuals. There are two types of partnerships; general and limited. General partners are liable for the full extent of debts and obligations within the business. Limited partnerships provide individuals with a limitation of responsibilities in the organization’s liability; this type of partnership is dependent upon the investment percentage. Advantages of partnerships consist of cost efficiency, shared financial responsibility, complementary skill association, and offer employees partnership incentives. Disadvantages of partnerships are joint and individual liability, disagreements between partners, and shared profits (“U.S. Small Business Administration,” 2013).

A partnership is related to any business entity conformed for two or more owners, not registered as a corporation or a limited-liability company. The partnership can be of two types: General partnership or limited partnership. In a limited partnership, one of the owners generally acts as the general partner assuming responsibility for managing the business decisions, while the limited partner only acts as a financial contributor to the business without any participation on business

There are three types of business structures sole proprietorship, partnership, and general. Each business structure has its advantages as well as disadvantages; the key is determining which business structure will be most suitable for your business venture. Not everyone is looking to run a small business so a sole proprietorship may not be the answer, it could be that you are looking to start small and have your company grow into a corporation but not quite function exactly like a huge corporation. Whatever the case one must determine which business structure best suits their needs and this paper will

A partnership is a business organization where the partners own the business together and are

A partnership is the relation which exists between persons carrying on a business in common with a view of profit.

Partnership: Partnership business is when two or more people are involved in the business they put in the money their skills and other resources and share profit this source of finance is more suitable for a company if they want office space and more features for their company. For example a law firm needs a property for them to meet their clients for a law firm property they will need to pay it off by mortgage.

A partnership is the relationship between persons who carry on a business together in common with the view of making a profit.

•A partnership involves two or more people who agree to share in the profits or losses of a business. A primary

Those legal structures are: sole trader,partnership,partnership with limited liability(LLP),private limited company (LtD) and public limited company (PLC).

In the business world, a partnership describes a relationship or association between two or more persons with a view to profit. A proper definition of partnership as in the Partnership Act is “Partnership is the relation which subsists between persons carrying on a business in common with a view to profit and includes an incorporated limited partnership.” Therefore, it has several advantages compared to other