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    This document discusses different business partnership structures and how to set one up. It outlines options like general partnerships, limited liability companies (LLCs), S corporations, C corporations, and limited liability partnerships (LLPs). When setting up a partnership, an agreement should define the basis of the partnership, who is involved, how profits and losses are shared, what capital each partner shares, and what business the partnership will conduct.

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    Partnership Advanced accounting Crucial mind blowing notes man

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    Partnership

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    This document discusses different business partnership structures and how to set one up. It outlines options like general partnerships, limited liability companies (LLCs), S corporations, C corporations, and limited liability partnerships (LLPs). When setting up a partnership, an agreement should define the basis of the partnership, who is involved, how profits and losses are shared, what capital each partner shares, and what business the partnership will conduct.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    14 views1 page

    Partnership: Options If You Wish To Enter Into Business With Other Partners

    Uploaded by

    Nav
    This document discusses different business partnership structures and how to set one up. It outlines options like general partnerships, limited liability companies (LLCs), S corporations, C corporations, and limited liability partnerships (LLPs). When setting up a partnership, an agreement should define the basis of the partnership, who is involved, how profits and losses are shared, what capital each partner shares, and what business the partnership will conduct.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    PARTNERSHIP

    Options if you wish to enter into business with other partners


    -

    Partnership = more exposed to lia (at personnel level)


    LLC = limited Lia to owners
    S corporation = no exposure for lawsuit
    C corporation =
    S and C tells you which sub chapter of IRS to be used for tax purposes. For accounting
    purposes, its all the same
    LLP = Limited liability partnership

    Partnership setup
    -

    An agreement what basis of partnership is


    Who is involved, who shares in P L, what shares capital, what business is about

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