Changes

A partnership [[agreement]] will normally describe:

A partnership [[agreement]] will normally describe:

- The nature of the business to be conducted

*The nature of the business to be conducted

- The Capital to be contributed by each partner

*The capital to be contributed by each partner

- 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,

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

    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 [[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.

[[Category:Business]]

[[Category:Business]]