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What Is A Partnership_

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Anytime two or more people run a business together for-profit, it's an official partnership. In a partnership each partner is considered to be one of the business's owners. Partnerships are generally pretty easy to set up. There is no fee or process to form a partnership. You just need a partner and to start making sales. You'll also need a DBA: doing business as if you want to use a trade name. This usually ranges between ten dollars and a hundred dollars depending on the county your business is located in. And, lastly, a partnership agreement is recommended, in order to minimize conflict or confusion down the line, but not required. One of the advantages for being in a partnership is that you get to enjoy tax benefits since the profits and losses of the business pass through to each of your personal income tax returns. Tax responsibilities include, in addition to your personal income tax return, you and your partner (or partners) are responsible for making estimated income and self-employment tax payments once a quarter. Additionally, the partnership itself will need to file an annual partnership return. Another nice aspect of partnerships is that they don't have any ongoing maintenance implications or responsibilities to worry about. Thankfully, partnerships are pretty easy to run because each partner is personally liable for the debts and obligations of the business. In other words, there is absolutely no protection for you should you get into a legal situation; so keep that in mind as you form your business together.

Video Details

Duration: 1 minute and 33 seconds
Language: English
License: Dotsub - Standard License
Genre: None
Views: 14
Posted by: christineward on Feb 16, 2016

What Is A Partnership_

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