Changes

The term '''partnership''' has many meanings.  This article contemplates its use to describe a form of business entity.

The term '''partnership''' has many meanings.  This article contemplates its use to describe a form of business entity.

A partnership occurs when two or more individuals formally agree to conduct a business together.  Partners do not have to contribute equally to the business nor do they necessarily participate in the profits equally.

A partnership occurs when two or more individuals formally agree to conduct a business together.  Partners do not have to contribute equally to the [[business]] nor do they necessarily participate in the [[profits]] equally.

A partnership [[agreement]] will normally describe:

A partnership [[agreement]] will normally describe:

*Formalities for admission of new partners, expulsion of partners, valuation of partnership interests and what happens upon the death or disability of a partner

*Formalities for admission of new partners, expulsion of partners, valuation of partnership interests and what happens upon the death or disability of a partner

Partnerships are not normally taxed, per se, but partners are taxed on their share of the partnerships profits.  A taxable share of [[profit]]s is can be significantly less that cash received, and this is more likely to be true in the early stages of the business with cash is required to finance working capital and growth.

Partnerships are not normally taxed, per se, but partners are taxed on their share of the partnerships profits.  A taxable share of profits is can be significantly less that cash received, and this is more likely to be true in the early stages of the business with cash is required to finance working [[capital]] and growth.

[[Category:Business]]

[[Category:Business]]