Join Martha Garzon for an in-depth discussion in this video Partnerships: Advantages and disadvantages, part of Running a Web Design Business: Defining Your Business Structure.
…In this video, I will show you the easiest way to…start a business if your company will have more than one owner.…A general partnership is a single business owned by two or more people.…In a general partnership,…the owners share business responsibilities, profits and losses.…Let's take a look at some advantages of general partnerships.…First of all, general partnerships are easy to form.…There are no formal registration requirements to…create a general partnership.…However, it's important to develop a partnership agreement…that clearly explains the rights and…responsibilities of each partner so there are no misunderstandings.…A general partnership has very few costs.…It's inexpensive to form and easy to maintain because it…doesn't have complex administrative or legal requirements.…Taxes in a partnership are also simple.…A general partnership is not taxed as a separate business entity.…All business income and…losses are passed through the partners' personal income tax returns.…However, partnerships must annually file form 1065 with the IRS.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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