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The basic pattern of partnership is a form of voluntary association between two or more individuals who agree to cooperate to advance their collective interests. This cooperative arrangement is typically made in order to operate a business or other enterprise. It is similar to a corporation however it is structured differently and the partners are jointly and severally liable for the business. The main features of a partnership include:
- Partners are jointly and severally liable for the business debts and obligations.
- Profits and losses are shared equally among the partners.
- Partners have the right to participate in the management of the business.
- Partners may enter into contracts on behalf of the business.
- Partners have a fiduciary duty to act in the best interests of the business.
The partnership structure can provide advantages over other forms of business organization such as limited liability tax advantages and flexibility in how the business is managed. However it also involves a higher degree of risk and personal liability since each partner is responsible for the actions of the other partners. It is important that partners have a clear understanding of the terms of their relationship such as how profits will be shared how decisions will be made and what happens if one partner wants to leave the business.
Riley Wolf
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