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Divide business roles according to each individual's strengths. partners’ business affairs are private; there is limited external regulation; it’s easy to change your legal structure later if circumstances change. Your form of business determines which income tax return form you have to file. Personal liability is a major concern if you use a general partnership to structure your business. Partnership Definition: The term partnership, is used to mean a business structure wherein two or more individuals, come together for undertaking a lawful business and have agreed to share the profits and losses arising from it. A winning business partnership capitalizes on the strengths and skills of each partner. Starting a partnership means you and at least one other person agree to run a business together and share what it earns, owns, owes and each other’s skills. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A partnership arises whenever two or more people co-own a business and share in the profits and losses of the business.
Other business legal structures include sole proprietorships, limited liability companies (LLCs), corporations, and nonprofit corporations.. In a partnership, each person contributes something to the business -- such as ideas, money, property, or some combination of these. via @business_govtNZ ... Use our Choose Business Structure tool to help you decide if a partnership is the right structure for you. For example, if one partner is strong in marketing, operations, and finance and the other partner excels in sales, human resources and leadership then split tasks accordingly. Choosing a business structure Choosing a business structure; Sole proprietorship – advantages and disadvantages Partnership – advantages and disadvantages Company - advantages and disadvantages Trust – advantages and disadvantages Co-operative - advantages and disadvantages Superannuation Insurance Legal and tax considerations enter into selecting a business structure. Personal liability is a major concern if you use a general partnership to structure your business. The management and operation of the business should be performed either by all the partners or any of them, acting for all the partners. A Limited Liability Company (LLC) is a business structure allowed by state statute. Limited liability partnerships (LLPs) allow for a partnership structure where each partner's liabilities is limited to the amount they put into the business. Disadvantages of a partnership include that: the liability of the partners for the debts of the business is unlimited
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