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I. Starting a New Business
a. Choice of Form
i. General Partnership-If two people arrange to carry on a business while sharing control and profits, they automatically create a partnership.
1. Liability-They are liable on unlimited basis for all debts and tort liabilities related to the business, except for the amount state law allows him to keep. This includes all personal, real property to settle the debts of the partnership. See Uniform Partnership Act
2. Continuity of Existence-Dissolves on death or bankruptcy of any partner
3. Tax Treatment-Partnership files information return, the income passes through to partners, according to terms of the partnership agreement. They pay individual taxes on the profits and can deduct losses. NOTE-For tax purposes, if you have more losses, it is better to be a partnership. If you make a huge profit, it¡¯s better to be a corporation.
4. Creation of entity
a. Default Form:
b. A GP is formed either by a consent K or by operation......

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Approximate Word Count: 17869
Approximate Pages: 72 (250 words per double-spaced page)

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