12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
Edit & Print Free General Partnership Documents for Zip Code 84106
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!

Orientation to Business Partnerships in Zip Code 84106

Orientation to Business Partnerships in Zip Code 84106


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 UT 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 84106
Jacques Bruce A
3194 S 1100 E
Salt Lake City, UT 84106
(801) 484-8555
Attorneys, Legal Service Plans
Affordable Immigration Solutions
2150 South 1300 East, 500
Salt Lake City, UT 84106
(801) 207-8271
Attorneys, Immigration Law Attorneys
Minas Rusell Y
1945 S 1100 E # 200
Salt Lake City, UT 84106
(801) 531-7400
Attorneys, General Practice Attorneys
L S Mc Cullough Jr Attorney
2180 S 1300 E # 600
Salt Lake City, UT 84106
(801) 530-7358
Attorneys
David Pedrazas, PLLC
3325 South 1100 East
Salt Lake City, UT 84106
(801) 263-7078
Attorneys, Divorce Attorneys, Family Law Attorneys
Covey & Young, PLLC
2150 South 1300 East, Suite 50
Salt Lake City, UT 84106
(801) 251-6869
Open Daily 24 Hours
Greg Smith and Associates
2150 S 1300 E
Salt Lake City, UT 84106
(801) 364-6454
DUI & DWI Attorneys,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
Tait George
623 E 2100 S
Salt Lake City, UT 84106
(801) 487-6454
Attorneys, Legal Service Plans
Wilson Troy
1555 E Stratford Ave # 100
Salt Lake City, UT 84106
(801) 467-5800
Attorneys
Collins Peter C
623 E 2100 S
Salt Lake City, UT 84106
(801) 746-5788
Attorneys, Legal Service Plans
Salt Lake City Attorney
2150 S 1300 E
Salt Lake City, UT 84106
(801) 657-5697
Bankruptcy Services,  Civil Litigation & Trial Law Attorneys,  Criminal Law Attorneys,  Attorneys
Weekes Law
2150 S 1300 E Ste 150
Salt Lake City, UT 84106
(801) 657-5605
Bankruptcy Law Attorneys, Attorneys
J.D.Milliner & Associates, P.C.
1240 E 2100 S
Salt Lake City, UT 84106
(801) 505-5600
Corporation & Partnership Law Attorneys,  Estate Planning Attorneys,  Probate Law Attorneys,  Wills,
Jeffrey C. Howe Law Office
2150 S 1300 E Suite 500
Salt Lake City, UT 84106
(801) 347-5579
Attorneys
Burton Anderso John
320 E 3000 S
Salt Lake City, UT 84106
(801) 933-5050
Attorneys, Legal Service Plans
Pacific Group Redmann
1240 E 2100 S
Salt Lake City, UT 84106
(801) 410-4912
Attorneys
Ferro L Kathleen Law Offices
2150 S 1300 E
Salt Lake City, UT 84106
(801) 990-4570
Attorneys, General Practice Attorneys
Campbell and Campell and Ference
1245 Brickyard Rd
Salt Lake City, UT 84106
(801) 466-4266
Attorneys, General Practice Attorneys, Legal Service Plans
Intermountain Legal
2150 S 1300 E Ste 500
Salt Lake City, UT 84106
(801) 990-4200
Criminal Law Attorneys,  Attorneys,  DUI & DWI Attorneys,  Legal Service Plans
Bankruptcy Law Center
4825 S 1100 E
Salt Lake City, UT 84106
(801) 267-4090
Bankruptcy Law Attorneys
Tharpe & Howell Llp
2150 S 1300 E # 500
Salt Lake City, UT 84106
(801) 337-3997
Attorneys
Baker Merlin O
3760 Highland Dr
Salt Lake City, UT 84106
(801) 273-3958
Attorneys
Pitt Judson T
3760 Highland Dr
Salt Lake City, UT 84106
(801) 273-3955
Attorneys
Partridge Kirk
3760 Highland Dr
Salt Lake City, UT 84106
(801) 273-3922
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US