Join Petrula Vrontikis for an in-depth discussion in this video Creating partnerships, part of Running a Design Business: Starting Small.
A partnership is when two or more people co-own a business. …In terms of legal structures, there are two types. …A general partnership and a limited partnership. …In terms of taxes, with a general partnership, a similar rule applies as …with a sole proprietorship. If you don't file any additional …paperwork It's automatically considered a general partnership. …Similarly, the business does not pay taxes, the profits or losses are reported …on each partner's individual tax return. The main downside is that the partners …are jointly bound to the debts incurred by the business.…
For example, if your partner goes rogue and make a $50,000 purchase, and your …company can't pay for that debt, you are liable. …And creditors can come after your personal assets for the entire amount. …A limited partnership, like the corporation is a bit more complex to set …up, but it becomes a legally separate entity outside of the partners themselves. …I suggest that you start simply. And as your partnership grows and …
- Naming and structuring your business
- Keeping records
- Cultivating business relationships
- Hiring employees and subcontractors
- Creating schedules and managing deadlines
- Understanding industry trends
- Avoiding the pitfalls of spec work
- Promoting your business through social media
Skill Level Appropriate for all
Running a Design Business: Designer-Client Agreementswith Terry Lee Stone1h 10m Appropriate for all
1. A Solid Foundation
2. Structure and Form
3. Getting Work
4. Developing Contracts
5. Keeping It Running
6. The Trends
7. Looking Ahead
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