Forming a Partnership

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Business Finance

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As you have learned in earlier accounting courses and again in this lesson, partnerships have a unique set of requirements in the formation process.

Prepare a paper that discusses the significant elements of forming a partnership. Conduct research for the laws of the state in which you live that regulate the formation of partnerships. What other types of business formations are allowed by state law? To view the grading criteria, click on the assignment and then "View Rubric" on the next page.


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Explanation & Answer

Attached.

Running head: FORMING A PARTNERSHIP

Forming a Partnership
Student Name
Institution
Date

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FORMING A PARTNERSHIP

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Introduction

In business, a partnership is formed when two or more people come together to create a
business enterprise for purposes of making profits. The parties involved in alliances co-own the
business, and they equally share the gains and losses associated with the business. While forming
a partnership, each party contributes something towards the business. They can provide ideas,
property or money. There are several types of businesses which a party can choose from, and
they include; a limited partnership, general partnership and Limited Liability Partnership (LLP)
(Maizes, 2012). Partnerships are essential management structures for an enterprise. Delaware is
among the favorite states in the U.S to set up a business. Partnerships give room for flexibility as
well as control while at the same time providing the partners a chance to share profits equitably
without government or state interference.
Features of Partnerships
The essential characteristics of partnerships are agreement, lawful business, mutual
agency, sharing profits, limited life and the number of partners. Limited life entails that the
partnerships as per...


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