Business planning starts with determining what type of entity your business will be. The legal definition of a
partnership is an association of two or more persons to carry on as co-owners of a business for profit. There are two basic types of partnerships, general partnerships and limited partnerships.
While creating a partnership agreement isn’t required, it’s a smart thing to do. A written partnership agreement helps to avoid misunderstandings between partners. Failure to have a written agreement will result in default rules based on the states statute. Establishing a written agreement is the perfect opportunity for partners to discuss various aspects of the business and expectations of each partner. Continue Reading →