Important Elements Every Business Partnership Agreement Should Address (Part I)

When a business is set up by a means of a partnership, it can thrive on the basis of several benefits. A business partnership has the advantage of having diverse skills, knowledge, and resources. A business partnership is similar to that of a sole proprietorship, whereas each partner will own a segment of the business’ assets and liabilities. Partnerships can present several difficulties, however. It is important to address important elements regarding starting and running the business. Having several people making decisions for the business could complicate things, therefore, entering into a partnership agreement is highly recommended. A good partnership agreement...

10 January

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Understanding General Partnerships in the State of California

Posted by Matthew Knez

in Business Law

A general partnership in the state of California is the collective entity that is formed when two or more individuals and/or entities engage in a trade or business. The intent of all shared activities is to share profits as well as losses. General Partnership versus Sole-proprietorship A General Partnership in the state of California is one of the most common arrangements of business ownership. This form of arrangement is very similar to an arrangement known as sole-proprietorship. There is, however, one main difference between the two. A businesses ownership known as sole-proprietorship refers to a single individual who is the one responsible...