{"id":8116,"date":"2016-10-28T20:44:24","date_gmt":"2016-10-28T20:44:24","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/masterybusiness2xngcxmasterspring2016\/?post_type=chapter&#038;p=8116"},"modified":"2017-04-18T19:56:13","modified_gmt":"2017-04-18T19:56:13","slug":"partnerships","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-hccc-introbusiness\/chapter\/partnerships\/","title":{"raw":"Partnerships","rendered":"Partnerships"},"content":{"raw":"<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/01175331\/4964993485_acb23b3be5_b.jpg\"><img class=\"aligncenter wp-image-8189\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/01175331\/4964993485_acb23b3be5_b-300x225.jpg\" alt=\"Photo of man and woman, both wearing paint-covered overalls. Photo caption: partners in business and life.\" width=\"600\" height=\"450\" \/><\/a>\r\n<h2>Introduction<\/h2>\r\nA partnership is a single business in which\u00a0two or more people share ownership.\r\n\r\nEach partner contributes to all aspects of the business, including money, property, labor, or skill. In return, each partner shares in the profits and losses of the business.\r\n\r\nBecause partnerships entail more than one person in the decision-making process, it\u2019s important to discuss a wide variety of issues up front and develop a legal partnership agreement. This agreement should document how future business decisions will be made, including how the partners will divide profits, resolve disputes, change ownership (bring in new partners or buy out current partners), and how to dissolve the partnership. Although partnership agreements are not legally required, they are strongly recommended, and it's considered extremely risky to operate without one.\r\n<h2><strong>Types of Partnerships\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\r\nThere a<span style=\"color: #333333;\">re two\u00a0general<\/span> types of partnership arrangements:\r\n<ul>\r\n \t<li><strong>General Partnerships<\/strong>\u00a0assume that profits, liability, and management duties are divided equally among partners. If you opt for an unequal distribution, the percentages assigned to each partner must be documented in the partnership agreement.<\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li><strong>Limited Partnerships<\/strong>\u00a0(also known as a partnership with limited liability) are more complex than general partnerships. Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These limits depend on the extent of each partner\u2019s investment percentage. Limited partnerships are attractive to investors of short-term projects.<\/li>\r\n<\/ul>\r\n<h2><strong>Forming a Partnership\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\r\nTo form a partnership, you must\u00a0register your business\u00a0with your state, a process generally handled\u00a0through your Secretary of State\u2019s office.\r\n\r\nYou\u2019ll also need to establish your\u00a0business name. For partnerships, your legal name is the name given in your partnership agreement. If you choose to operate under a name different from\u00a0the officially registered name, you will most likely have to file a\u00a0fictitious name\u00a0(also known as an assumed name, trade name, or DBA name, short for \"doing business as\").\r\n\r\nOnce your business is registered, you must obtain business\u00a0licenses and permits. Regulations vary by industry, state, and locality.\r\n<h2><strong>Partnership Taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\r\nMost businesses will need to register with the IRS, register with state and local revenue agencies, and obtain a\u00a0tax ID number or permit. An additional requirement for partnerships is that they\u00a0must file an \u201cannual information return\u201d to report the income, deductions, gains and losses from the business\u2019s operations, but the <em>business itself does not pay income tax<\/em>. Instead, the business \"passes through\" any profits or losses to its partners. Partners include their respective share of the partnership's income or loss on their personal tax returns.<span style=\"color: #333333;\"> Like sole proprietors, partners in the partnership are responsible for several additional taxes, including income tax, self-employment tax, \u00a0and estimated tax.\u00a0Since partnerships can be complex, having a professional to advise the partnership and partners on tax matters is crucial.<\/span>\r\n<h2><strong>Advantages of a Partnership<\/strong><\/h2>\r\n<ul>\r\n \t<li><strong>Easy and Inexpensive.<\/strong>\u00a0Partnerships are generally an inexpensive and easily formed business structure. The majority of time spent starting a partnership often focuses on developing the partnership agreement.<\/li>\r\n \t<li><strong>Shared Financial Commitment.<\/strong>\u00a0In a partnership, each partner is equally invested in the success of the business. Partnerships have the advantage of pooling resources to obtain capital. This can\u00a0be beneficial in terms of securing credit or by simply doubling the\u00a0seed money available.<\/li>\r\n \t<li><strong>Complementary Skills.<\/strong>\u00a0A good partnership should capitalize on\u00a0the benefits of being able to utilize the strengths, resources, and expertise of each partner.<\/li>\r\n \t<li><strong>Partnership Incentives for Employees.<\/strong>\u00a0Partnerships have an employment advantage over other entities if they offer employees the opportunity to become a partner. Partnership incentives often attract highly motivated and qualified employees.<\/li>\r\n<\/ul>\r\n<h2><strong>Disadvantages of a Partnership\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\r\n<ul>\r\n \t<li><strong>Joint and Individual Liability.<\/strong>\u00a0Similar to sole proprietorships, partnerships retain full, shared liability among the owners. Partners are not only liable for their own actions but also for the business debts and decisions made by other partners. In addition, the personal assets of all partners can be used to satisfy the partnership\u2019s debt.<\/li>\r\n \t<li><strong>Disagreements Among Partners.<\/strong>\u00a0With multiple partners, there are bound to be disagreements. Partners should consult one\u00a0another on all decisions, make compromises, and resolve disputes as amicably as possible.<\/li>\r\n \t<li><strong>Shared Profits.<\/strong>\u00a0Because partnerships are jointly owned, each partner must share the successes and profits of their business with the other partners. An unequal contribution of time, effort, or resources can cause discord among partners.<\/li>\r\n<\/ul>\r\n<h2>Example: TW Construction or T&amp;T Construction?<\/h2>\r\n<span style=\"color: #333333;\">For several months Tom has been operating as a sole proprietorship and enjoying the control he maintains over\u00a0his work and finances. Business is picking up and he has recently been contacted by a construction firm that wants to hire him to provide the trim carpentry for several large oceanfront homes they are building. He mentions this to his friend Todd, who seems very happy that Tom's new business venture appears to be succeeding. A\u00a0month later, Todd calls and asks Tom\u00a0to meet him for dinner\u00a0at Sandbar's. During\u00a0dinner, Todd proposes to Tom that the two of them\u00a0form a general partnership: T&amp;T Construction. Todd points out\u00a0that taking on several large jobs as a sole proprietor is very\u00a0risky\u2014a partnership would mean shared risk and responsibility. He also offers to contribute some initial capital to the newly formed partnership, which would\u00a0provide financial support for their day-to-day operations. Finally, Todd makes the case that, as a frame carpenter, he has skills that would complement Tom's and potentially yield\u00a0additional business opportunities. \u00a0<\/span>\r\n\r\n<span style=\"color: #333333;\">Surprised by the proposal, Tom tells his friend that he needs some time to think it over before committing. During the next<\/span>\u00a0few days, he\u00a0calls his accountant to find out how the partnership would\u00a0impact his business. He learns\u00a0that\u00a0he would have to share control of the business and also share the profits. That doesn't sound bad to Tom, especially if the business really grew\u2014which it might, with the addition of Todd's skills and labor. Tom is leaning toward accepting the offer. But when he finds out that he would\u00a0be held responsible not only for the debts of the business but also the actions of his partner, he sours on the idea. He knows Todd has made some business decisions and deals that were a little on the sketchy side. Under the proposed General Partnership structure, if Todd made similar kinds of decisions or deals without Tom's knowledge, Tom could still be held responsible and liable for the consequences. He's realizes he's not willing to accept\u00a0that kind of risk. He decides to turn down Todd's offer and keep running his business as a sole proprietor.\r\n<h2>Check Your Understanding<\/h2>\r\nAnswer the question(s) below to see how well you understand the topics covered above. This short quiz does <strong>not<\/strong> count toward your grade in the class, and you can retake it an unlimited number of times.\r\n\r\nUse this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section.\r\n\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/3005","rendered":"<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/01175331\/4964993485_acb23b3be5_b.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8189\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/01175331\/4964993485_acb23b3be5_b-300x225.jpg\" alt=\"Photo of man and woman, both wearing paint-covered overalls. Photo caption: partners in business and life.\" width=\"600\" height=\"450\" \/><\/a><\/p>\n<h2>Introduction<\/h2>\n<p>A partnership is a single business in which\u00a0two or more people share ownership.<\/p>\n<p>Each partner contributes to all aspects of the business, including money, property, labor, or skill. In return, each partner shares in the profits and losses of the business.<\/p>\n<p>Because partnerships entail more than one person in the decision-making process, it\u2019s important to discuss a wide variety of issues up front and develop a legal partnership agreement. This agreement should document how future business decisions will be made, including how the partners will divide profits, resolve disputes, change ownership (bring in new partners or buy out current partners), and how to dissolve the partnership. Although partnership agreements are not legally required, they are strongly recommended, and it&#8217;s considered extremely risky to operate without one.<\/p>\n<h2><strong>Types of Partnerships\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\n<p>There a<span style=\"color: #333333;\">re two\u00a0general<\/span> types of partnership arrangements:<\/p>\n<ul>\n<li><strong>General Partnerships<\/strong>\u00a0assume that profits, liability, and management duties are divided equally among partners. If you opt for an unequal distribution, the percentages assigned to each partner must be documented in the partnership agreement.<\/li>\n<\/ul>\n<ul>\n<li><strong>Limited Partnerships<\/strong>\u00a0(also known as a partnership with limited liability) are more complex than general partnerships. Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These limits depend on the extent of each partner\u2019s investment percentage. Limited partnerships are attractive to investors of short-term projects.<\/li>\n<\/ul>\n<h2><strong>Forming a Partnership\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\n<p>To form a partnership, you must\u00a0register your business\u00a0with your state, a process generally handled\u00a0through your Secretary of State\u2019s office.<\/p>\n<p>You\u2019ll also need to establish your\u00a0business name. For partnerships, your legal name is the name given in your partnership agreement. If you choose to operate under a name different from\u00a0the officially registered name, you will most likely have to file a\u00a0fictitious name\u00a0(also known as an assumed name, trade name, or DBA name, short for &#8220;doing business as&#8221;).<\/p>\n<p>Once your business is registered, you must obtain business\u00a0licenses and permits. Regulations vary by industry, state, and locality.<\/p>\n<h2><strong>Partnership Taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\n<p>Most businesses will need to register with the IRS, register with state and local revenue agencies, and obtain a\u00a0tax ID number or permit. An additional requirement for partnerships is that they\u00a0must file an \u201cannual information return\u201d to report the income, deductions, gains and losses from the business\u2019s operations, but the <em>business itself does not pay income tax<\/em>. Instead, the business &#8220;passes through&#8221; any profits or losses to its partners. Partners include their respective share of the partnership&#8217;s income or loss on their personal tax returns.<span style=\"color: #333333;\"> Like sole proprietors, partners in the partnership are responsible for several additional taxes, including income tax, self-employment tax, \u00a0and estimated tax.\u00a0Since partnerships can be complex, having a professional to advise the partnership and partners on tax matters is crucial.<\/span><\/p>\n<h2><strong>Advantages of a Partnership<\/strong><\/h2>\n<ul>\n<li><strong>Easy and Inexpensive.<\/strong>\u00a0Partnerships are generally an inexpensive and easily formed business structure. The majority of time spent starting a partnership often focuses on developing the partnership agreement.<\/li>\n<li><strong>Shared Financial Commitment.<\/strong>\u00a0In a partnership, each partner is equally invested in the success of the business. Partnerships have the advantage of pooling resources to obtain capital. This can\u00a0be beneficial in terms of securing credit or by simply doubling the\u00a0seed money available.<\/li>\n<li><strong>Complementary Skills.<\/strong>\u00a0A good partnership should capitalize on\u00a0the benefits of being able to utilize the strengths, resources, and expertise of each partner.<\/li>\n<li><strong>Partnership Incentives for Employees.<\/strong>\u00a0Partnerships have an employment advantage over other entities if they offer employees the opportunity to become a partner. Partnership incentives often attract highly motivated and qualified employees.<\/li>\n<\/ul>\n<h2><strong>Disadvantages of a Partnership\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/h2>\n<ul>\n<li><strong>Joint and Individual Liability.<\/strong>\u00a0Similar to sole proprietorships, partnerships retain full, shared liability among the owners. Partners are not only liable for their own actions but also for the business debts and decisions made by other partners. In addition, the personal assets of all partners can be used to satisfy the partnership\u2019s debt.<\/li>\n<li><strong>Disagreements Among Partners.<\/strong>\u00a0With multiple partners, there are bound to be disagreements. Partners should consult one\u00a0another on all decisions, make compromises, and resolve disputes as amicably as possible.<\/li>\n<li><strong>Shared Profits.<\/strong>\u00a0Because partnerships are jointly owned, each partner must share the successes and profits of their business with the other partners. An unequal contribution of time, effort, or resources can cause discord among partners.<\/li>\n<\/ul>\n<h2>Example: TW Construction or T&amp;T Construction?<\/h2>\n<p><span style=\"color: #333333;\">For several months Tom has been operating as a sole proprietorship and enjoying the control he maintains over\u00a0his work and finances. Business is picking up and he has recently been contacted by a construction firm that wants to hire him to provide the trim carpentry for several large oceanfront homes they are building. He mentions this to his friend Todd, who seems very happy that Tom&#8217;s new business venture appears to be succeeding. A\u00a0month later, Todd calls and asks Tom\u00a0to meet him for dinner\u00a0at Sandbar&#8217;s. During\u00a0dinner, Todd proposes to Tom that the two of them\u00a0form a general partnership: T&amp;T Construction. Todd points out\u00a0that taking on several large jobs as a sole proprietor is very\u00a0risky\u2014a partnership would mean shared risk and responsibility. He also offers to contribute some initial capital to the newly formed partnership, which would\u00a0provide financial support for their day-to-day operations. Finally, Todd makes the case that, as a frame carpenter, he has skills that would complement Tom&#8217;s and potentially yield\u00a0additional business opportunities. \u00a0<\/span><\/p>\n<p><span style=\"color: #333333;\">Surprised by the proposal, Tom tells his friend that he needs some time to think it over before committing. During the next<\/span>\u00a0few days, he\u00a0calls his accountant to find out how the partnership would\u00a0impact his business. He learns\u00a0that\u00a0he would have to share control of the business and also share the profits. That doesn&#8217;t sound bad to Tom, especially if the business really grew\u2014which it might, with the addition of Todd&#8217;s skills and labor. Tom is leaning toward accepting the offer. But when he finds out that he would\u00a0be held responsible not only for the debts of the business but also the actions of his partner, he sours on the idea. He knows Todd has made some business decisions and deals that were a little on the sketchy side. Under the proposed General Partnership structure, if Todd made similar kinds of decisions or deals without Tom&#8217;s knowledge, Tom could still be held responsible and liable for the consequences. He&#8217;s realizes he&#8217;s not willing to accept\u00a0that kind of risk. He decides to turn down Todd&#8217;s offer and keep running his business as a sole proprietor.<\/p>\n<h2>Check Your Understanding<\/h2>\n<p>Answer the question(s) below to see how well you understand the topics covered above. This short quiz does <strong>not<\/strong> count toward your grade in the class, and you can retake it an unlimited number of times.<\/p>\n<p>Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section.<\/p>\n<p>\t<iframe id=\"lumen_assessment_3005\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=3005&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_3005\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-8116\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Revision and adaptation. <strong>Authored by<\/strong>: Linda Williams and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Check Your Understanding. <strong>Authored by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Stephanie and Rob: Paint and Decorators. <strong>Authored by<\/strong>: J Mark Dodds. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/markdodds\/4964993485\/\">https:\/\/www.flickr.com\/photos\/markdodds\/4964993485\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">Public domain content<\/div><ul class=\"citation-list\"><li>Partnership. <strong>Provided by<\/strong>: SBA. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.sba.gov\/starting-business\/choose-your-business-structure\/partnership\">https:\/\/www.sba.gov\/starting-business\/choose-your-business-structure\/partnership<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":26,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"pd\",\"description\":\"Partnership\",\"author\":\"\",\"organization\":\"SBA\",\"url\":\"https:\/\/www.sba.gov\/starting-business\/choose-your-business-structure\/partnership\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Revision and adaptation\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Stephanie and Rob: Paint and Decorators\",\"author\":\"J Mark Dodds\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/markdodds\/4964993485\/\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Check Your Understanding\",\"author\":\"Lumen 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