Partnerships: Teaming Up
In This Chapter
• A partnership’s characteristics and formalities
• Partners’ authority inside the partnership
• A partner’s duties, rights, and liabilities
• How to dissolve and terminate a partnership
• Distributing the partnership’s assets
• Why a partnership might not be the best entity
Partnerships appeal to many as a way to join with one or more people to create a business without all the formalities of a corporation. However, like with many real-life partnerships, this should be considered only with your eyes wide open. There are many challenges that offset the benefits of this form. Think of it as marriage, only with a business partner.
Let’s say two college buddies, Frank and Don, want to launch a business ...