A partnership is a syndicate, group, pool, joint venture, or other unincorporated organization of two or more individuals or entities through which any business, financial operation, or venture is carried on, in which the partners share in the profits and the losses. The partnership is an entity separate from its partners.

A general partnership consists of partners that manage the day-to-day operations of the business and that invest in the general partnership. The partners invest capital and share in the profits and losses of a partnership venture. The partners are agents for each other, which means that if a partner enters into an agreement, it binds the other partner as well. Therefore, it is essential (and this is a good rule of thumb in business no matter what type of entity is chosen) that the partners trust and are comfortable with each other’s business decisions.

A general partnership does not have limited liability, which means creditors can reach business and personal assets of the partners. For this critical reason, we recommend that clients form a limited liability partnership (if you are involved in the professions of public accountancy, the practice of law or the practice of architecture or related to such practice), a limited liability company or a corporation.

A general partnership has flow-through tax treatment under Subchapter K of the Internal Revenue Code and therefore a general partnership is not subject to direct taxation. Instead, the partnership must file a return and the partners assume liability for their share of the general partnership's gain or loss on a form and their individual returns. Avoiding the entity level tax ensures that income flowing into a general partnership is taxed only once.

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Natalia Utrera, Esq.,
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Clifton, NJ 07013
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(973) 473-2000
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Sandy A. Adelstein
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Los Angeles, CA 90045
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Nicolas Spigner, Esq.
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Dover, DE 19901
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Courtney Riordan, Esq.
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Joel S. Beck, Esq.
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Continental Office Plaza, Suite L12
2340 Des Plaines River Road
Des Plaines, IL 60018
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(312) 443-1500
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Michael C. Welchko, Esq.
Managing Attorney

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Natalia Utrera, Esq.,
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STARTING A BUSINESS

There are many benefits to starting a business and incorporating. Some of the benefits of starting a business include protection of your personal assets, ease of raising capital, gain anonymity, available tax benefits and more!

Material presented on AmeriLawyer.com is intended for information purposes only. It is not intended as professional advice and should not be construed as such. The U.S. Treasury Department requires us to inform you than any information obtained from this website is not intended or written by our law firm to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Advice from our firm relating to Federal tax matters may not be used in promoting, marketing or recommending any entity, investment plan or arrangement to any taxpayer.

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For one low fee, your General Partnership is COMPLETE and INCLUDES General Partnership Seal and Book. INCLUDES General Partnership Minutes. INCLUDES Preliminary name search.