Partnership Agreements
Before starting a new business, the prospective business owner or owners have to decide what type of business entity is best for the company. The choice of business entity is an important decision that should be done in consultation with an attorney and an accountant.
In a partnership, the business owners choose to be partners with one or more general partners and/or limited partners. A separate tax identification number is required and there are no corporate protections for this business entity. However, limited partners can have some limited liabilities as compared to general partners.