Partnership Form of Business by Vijay Wankhede
Hello from Mr. Vijay Wankhede!
Mr. Vijay Wankhede- an entrepreneur, business consultant, writer, speaker, motivator, psychologist and investor has come again this time with- the complete overview of PARTNERSHIP FORM OF BUSINESS. Continue reading the blog and know about Partnership form of Business.
What is a Partnership?
A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. That income is paid to partners, who then claim it on their personal tax returns – the business is not taxed separately, as corporations are, on its profits or losses.
Types of partnerships:
· General partnership
· Limited partnership
· Joint venture
In a general partnership, each partner shares equally in the workload, liability, and profits generated and paid out to the partners. All partners are actively involved in the business’s operations.
Limited partnerships allow outside investors to buy into a business but maintain limited liability and involvement, based on their contributions. This is a more complicated form of partnership, which also has more flexibility in terms of ownership and decision-making.
Short-term projects or alliances that bring together multiple partners for a project are typically structured as joint ventures. If the venture performs well, it can be continued as a general partnership. Otherwise, it can be shuttered.
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