Jul 06 2010

What is a partnership?

Category: Business & Economy

Answer:

A partnership is a business formed between two or more persons. Partnerships are usually synonymous with law firms (many have changed their business structure as of late to limit the liability of each partner) with each individual having a share of the profits and losses. Partnerships will often pass through the income they generate to the owners (partners), who in turn, pay taxes based on the profitability of the firm. Each state has laws and regulations regarding the formation of a partnership.


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