General Partenerships

What is a Partnership?
A partnership is a business entity formed by two or more people who operate a business for profit as co-owners.  For the purposes of creating a partnership, a “person” is any entity with its own legal status, including not only a human being but a corporation, trust, government entity, or another partnership.  There are a variety of possible Partnerships are governed by the law of the state in which they are associated.  Partnerships can take several forms including:  general partnerships, limited partnerships, limited liability partnerships, and occasionally single member partnerships.  Each of these is subject to its …