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 Intermediate
1. A Solid Foundation
2. Structure and Form
3. Getting Work
4. Developing Contracts
5. Keeping It Running
6. The Trends
7. Looking Ahead
- Mark as unwatched
- Mark all as unwatched
Are you sure you want to mark all the videos in this course as unwatched?
This will not affect your course history, your reports, or your certificates of completion for this course.Cancel
Take notes with your new membership!
Type in the entry box, then click Enter to save your note.
1:30Press on any video thumbnail to jump immediately to the timecode shown.
Notes are saved with you account but can also be exported as plain text, MS Word, PDF, Google Doc, or Evernote.