Partnerships
Is a partnership right for your business? What's required to form a partnership? Do you need to sign a partnership agreement? How are partnerships taxed? You'll find answers to these and other questions here.
Nolo can help you create a partnership. For a complete list of Nolo's small business books, forms, and online applications, see the Small Business Products page.
Partnership Basics
Partnership Basics
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A partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC (limited liability company).
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For many small businesses, paying income tax means struggling to master double-entry bookkeeping and employee withholding rules while ferreting out every possible business deduction. For partnerships, paying taxes also involves understanding difficult terms like "distributive share," "special allocation," and "substantial economic effect."
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Fiduciary Duties in Partnerships
In partnerships, you may have duties of trust, known as fiduciary duties, depending upon the type of partnership and the nature of your role in that partnership.
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Partnerships vs. Joint Ventures
Joint ventures and partnerships are common forms of legal structures used by business owners to combine resources, talents, or skills with another person or business.
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Many new businesses with more than one owner may consider whether to operate as partnerships or Limited Liability Companies (LLCs). There are two types of partner
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Creating a Partnership Agreement
Spell out your rights and responsibilities in a written partnership agreement before you open for business. If you don't, your state's laws will control many aspects of your business.
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You must carefully follow IRS rules if you want to divide profits and losses in a way that's disproportionate to the owners' interests in the business.
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How to Establish a Partnership in California
This is a guide to forming a partnership in the state of California.
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How to Form a Partnership in Texas
Here are the steps you should take to form a partnership in the state of Texas. A partnership (also known as a general partnership) is created whenever two or more people agree to do business together for profit, even if there is no intent or written agreement to form a partnership. While there are no
Running Your Partnership
Running Your Partnership
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Are there special rules for running partnerships? Are owners liable for business debts? Learn the answers to common questions about partnerships.
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Opening a Business Bank Account
One of the most basic tasks when starting any small business is to set up a business bank account.
Limited Partnerships (LPs) and Limited Liability Partnerships (LLPs)
MoreLimited Partnerships (LPs) and Limited Liability Partnerships (LLPs)
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What Is a Limited Partnership?
An analysis of the key risks and benefits of limited partnerships as to formation, management, legal liability, profit-sharing, and fiduciary duties.
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What Is a Limited Liability Partnership (LLP)?
Since the 1990s, a limited liability partnership (LLP) has become a popular form of business organization for many licensed professionals, such as lawyers, doctors, architects, dentists, and accoun
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How to Dissolve a Partnership (and End Your Liability)
Here are the technical steps you should take to wind down your partnership.
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Withdrawing From a Partnership
What happens when a partner wants to leave a partnership is a critical but commonly overlooked issue.