Usually minimal start up costs and requirements. No official registration is needed except for filing of a trade name certificate with the local town clerk if other than own name. Personally liable for all debts of the business. No distinction between the business and the individual. Dissolved upon the death of the owner.
Owner is free to sell or transfer all or any part of the business.
The pooling of capital and skills of two or more people as co-owners to form a business for profit. No official registration is needed except for filing of a trade name certificate with the local town clerk. Although no written agreement required, it is highly advisable. Liabilities extend to the personal assets of the owners as the partnership is not a separate entity. Is legally dissolved at the death or withdrawal of a partner unless there is a partnership agreement stating otherwise.