When you ve finally decided on what type of business you want to start, it s time to decide what entity or organization you are going to use. In this article we will discuss the simple partnership. The most popular form of business entity is the partnership.
Most people tend to feel more secure if the responsibilities and liabilities are shared.
Diverse backgrounds may bring different skills and synergies that enhance productivity. If you intend to form a simple partnership, the most important single thing to do is to have a written agreement between or among the partners. The agreement should delineate every aspect of the business relationship. One major concern for those in simple partnership is liability in the event of suit. If either partner or the partnership entity is sued, both partners become wholly liable for the outcome of the suit.