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Learning Centre: Partnernship
What is a Sole Partnership?
Similar to the simple process and lower costs involved in registering a Sole Proprietorship, a Partnership involves 2 or more business people going into business together. Many of the rules of the Sole Proprietorship still apply to this type of arrangement.
PROS OF PARTNERSHIPS
PRO #1
As partners, there is complete control over all aspects of the business. A partnership agreement (drafted by a lawyer) should be established to help outline responsibilities, percentage of ownership, revenue share and more of each partner.
PRO #4
Business assets are solely owned by the partners.
PRO #2
All of the profits from the business belong to the owners in the partnership.
PRO #5
Benefit of having multiple partners to pool financing and skill sets to help the business succeed.
PRO #3
Easy and inexpensive set up process.
CONS OF PARTNERSHIPS
CON #1
There is no separation between owners and business. Partners are the business.
CON #4
It could be more challenging in the event that the business is to be dissolved or potentially grown into a new direction.
CON #2
The partners are fully responsible for all liabilities, debts of the business.
CON #3
The partners are taxed as employed individuals based on all business profits. There are none of the tax benefits that exist with incorporated entities.