12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Orientation to Business Partnerships in Durant, FL

Orientation to Business Partnerships in Durant, FL


Finding good partners is the key to success in anything: in business, in marriage and, especially, in investing.
 
- Robert Kiyosaki


A Partnership is a business that has more than one owner that has not filed papers for becoming a corporation or Limited Liability Company (LLC).

Partnerships have two basic types, a General Partnership and a limited partnership. A general partnership is the simplest and less costly co-owned business structure to create and maintain. In a general partnership, every partner has a hand in managing the business.

Important Facts Regarding Business Partnership

Personal Liability for all Owners

As co-owner of the business, all partners are liable for all business obligations and debts. This includes court judgment in the case the business cannot pay a creditor like a supplier, lender, or landlord. The creditor can legally go after the partners' possessions like their houses, cars and bank accounts. This personal liability has few exceptions. If the partnership is deemed limited, some of the partners will have less personal liability. A limited partnership has a general partner who has personal liability and who is the one running the business and the passive investors who are limited partners. Entrepreneurs who are concerned about personal liability should choose to incorporate or operate as a limited liability company (LLC) instead of a partnership.

Joint Authority

As partners in a business, any contract or business conducted by any individual partner usually binds the whole business and all partners to that contract. If the terms of the contract are onerous or unfavorable, as a partner, you will personally be held accountable for the contractual obligations. There are only a few limitations to a partner's ability to make a commitment to a deal - for example, a partner acting alone cannot bind the Partnership to a sale of all the assets of the partnership. But generally, all transactions done by any individual partner, will bind all the other partners to the deal.

Joint Liability

Any business debt has binding effects on all partners, and each individual partner can be sued or required to pay in full the amount of the business debt. With this kind of personal liability for authority and partnership debt, it is very important that trust is the foundation for starting a business with a partner.

Partnership Taxes

A partnership does not pay any income tax on the profit because the business income "passes through" the business to the partners who report their profit and losses on their individual income tax returns.

Creating a Partnership

Agreeing to go on a business with another person is the first step in setting up a partnership. Paper work is not involved at this stage.

Like most new businesses, you and your partner should meet the requirements of your local registration, mostly by paying a minimum tax. Obtain an employer identification number from the IRS, secure a sellers license from your state and from the local planning board, a zoning permit. An assumed or fictitious name should also be registered.

Partnership has also some disadvantages, one of which is when a partner decides to leave the company, the partnership generally dissolves. The remaining partner will be saddled with the responsibility for all remaining business obligations until the remaining assets and profits are divided among themselves. Partners can create a buy-sell agreement or buy-out agreement as part of the partnership agreement. This will help partners decide if business should persist and then make the transition, if one partner leaves, retires or decides to pursue other interests.

 
Personalize & Print a Free FL Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Durant, FL
Florida Mediation Group
44 W Flagler Street # 19
Miami, FL 33130
(305) 579-9990
Mediation Services, Arbitration Services, Arbitration & Mediation Attorneys
Romano Sherri A PA
150 W Flagler St
Miami, FL 33130
(305) 441-9858
Criminal Law Attorneys, Attorneys
Bentley Charles E Atty
690 E Davidson St
Bartow, FL 33830
(863) 519-9820
Attorneys
Sean M. Cleary, P.A.
19 West Flagler Street, Suite 618
Miami, FL 33130
(305) 416-9805
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Buckner & Shifrin PA
46 SW 1st St
Miami, FL 33130
(305) 679-9744
Insurance Attorneys, Attorneys
Mj Louis PA
80 SW 8th St Ste 3330
Miami, FL 33130
(305) 377-9646
Immigration Law Attorneys, Attorneys, General Practice Attorneys
Diez Felipe E
19 W Flagler St # 816
Miami, FL 33130
(305) 416-9617
Insurance Attorneys, Attorneys
Lutheran Immigration & Refugee
200 SW 9th St
Belle Glade, FL 33430
(561) 996-9611
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
J L Hunter
1350 E Main St
Bartow, FL 33830
(863) 534-9468
Attorneys, General Practice Attorneys, Criminal Law Attorneys
Kutner Maurice Jay & Associates
44 W Flagler St
Miami, FL 33130
(305) 377-9411
Family Law Attorneys, Attorneys, Legal Service Plans
Jeffrey Deen PA
930 N Krome Ave
Homestead, FL 33030
(305) 424-9319
Immigration Law Attorneys
William J. Lobb
295 W Summerlin St
Bartow, FL 33830
(863) 236-9293
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services
Peter A Cohen Pa
19 W Flagler St # 810
Miami, FL 33130
(305) 358-9251
Bankruptcy Law Attorneys, Legal Service Plans, Estate Planning Attorneys
Schwartz Michael J
150 W Flagler St
Miami, FL 33130
(305) 371-9191
Arbitration & Mediation Attorneys, Attorneys
Mediation Solutions Inc
150 W Flagler St
Miami, FL 33130
(305) 371-9120
Mediation Services, Attorneys, Legal Service Plans
Moody Law
575 N Broadway Ave
Bartow, FL 33830
(863) 733-9090
Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans,  Wrongful Death Attorneys
Ivan A Guerrero
44 W Flagler Street, Ste.1445
Miami, FL 33130
(786) 536-9088
Landlord & Tenant Attorneys, Family Law Attorneys, Immigration Law Attorneys, General Practice Attor
Marx Richard B
66 W Flagler St Ste 200
Miami, FL 33130
(305) 579-9060
Administrative & Governmental Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorn
Philip Averbuck PA
185 E Main St
Bartow, FL 33830
(863) 533-9000
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, DUI & DWI Attorneys, Gen
Moffa & Bonacquisti, P.A.
19 W Flagler Street
Miami, FL 33130
(305) 639-8994
Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Civil Litigation & Trial Law Attorneys,
Bugay Henry M
66 W Flagler St # 9
Miami, FL 33130
(305) 374-8919
Family Law Attorneys, Attorneys
Sutton Debra J
325 W Main St
Bartow, FL 33830
(863) 533-8912
General Practice Attorneys, Attorneys
Penichet, Paul F-
19 W Flagler St
Miami, FL 33130
(305) 373-8809
Employment Discrimination Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Discrimination
Benowitz H Allen & Associates
19 W Flagler St
Miami, FL 33130
(305) 371-8773
Insurance Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US