Changes

  - The ongoing duties of each partner  

  - The ongoing duties of each partner  

  - The division of profits of the partnership

  - The division of profits of the partnership

  - 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 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.

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]]