12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
Edit & Print a Free South Carolina General Partnership Documents
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!

Orientation to Business Partnerships in Zip Code 29301

Orientation to Business Partnerships in Zip Code 29301


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.

 
Download & Print a Free SC Partnership Personalize This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
  Answer Easy
Questions
answer simple questions online step by step
Easy Questions, Instant Documents
  • Finish in Minutes
  • Download Immediately
  • Written by Attorneys
  • 100% Guaranteed
  Get Instant Legal
    Documents

Print, save or email your finished legal document immediately!
Last Will & Testament
Related Legal Services near Zip Code 29301
Total Attorneys - Personal Injury
PO Box 274326
Spartanburg, SC 29301
(864) 435-9620
Attorneys, Legal Service Plans
Total Attorneys - DUI
PO Box 274112
Spartanburg, SC 29301
(864) 435-9569
Attorneys, Legal Service Plans
Friddle Law Firm
906 Augusta Rd
Spartanburg, SC 29301
(864) 577-8874
Attorneys
Lowry, Kelly D H atty
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Attorneys, Corporation & Partnership Law Attorneys, General Practice Attorneys
Smith, Doug
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Attorneys, Corporation & Partnership Law Attorneys
Shetley, D F
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Querin, Steven M
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans
Cox, Matthew E
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Attorneys, Corporation & Partnership Law Attorneys
Barber, Kristin B
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans
Gibbes, Frank W
220 N Church St
Spartanburg, SC 29301
(864) 582-8121
Corporation & Partnership Law Attorneys, Attorneys
Dana Wilkinson
365 E Blackstock Rd Ste C
Spartanburg, SC 29301
(864) 574-7944
Bankruptcy Law Attorneys,  Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorney
Alford, David C Atty
160 Hidden Hill Rd
Spartanburg, SC 29301
(864) 641-6905
Attorneys,  Consumer Law Attorneys,  Bankruptcy Law Attorneys,  Lemon Law Attorneys
Newlon Jon Eric
8801 Warren H Abernathy Hwy
Spartanburg, SC 29301
(864) 295-6031
Attorneys
Mcmillan Lisa C
8801 Warren H Abernathy Hwy
Spartanburg, SC 29301
(864) 295-6031
Attorneys
Sturkie Jason L
8801 Warren H Abernathy Hwy
Spartanburg, SC 29301
(864) 295-6031
Attorneys
Sturkie Jason L
72 By-Pass
Spartanburg, SC 29301
(864) 804-5600
Attorneys
Mc Cravy Newlon Sturkie
8801 Warren H Abernathy Hwy
Spartanburg, SC 29301
(864) 804-5600
Attorneys,  Labor & Employment Law Attorneys,  General Practice Attorneys,  Employee Benefits & Work
Mc Cravy John
8801 Warren H Abernathy Hwy
Spartanburg, SC 29301
(864) 804-5600
Attorneys
McMaster Law Firm
8 Williams St
Spartanburg, SC 29301
(864) 585-3747
Attorneys, General Practice Attorneys
Hawkins Law Firm
5506 Reidville Rd
Spartanburg, SC 29301
(864) 256-3512
Attorneys
McGowan Charles F
304 Hampshire Ct
Spartanburg, SC 29301
(864) 949-3048
Attorneys
Talley Law Firm PA
2500 Winchester PL
Spartanburg, SC 29301
(864) 595-2966
Attorneys, General Practice Attorneys
Townsend Mcchs Paul
314 Holly Dr
Spartanburg, SC 29301
(864) 235-2350
Attorneys
Cheek James A
155 Hawk Creek Dr
Spartanburg, SC 29301
(864) 576-1123
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US