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A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation. In civil law systems, a partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise; contribute to it by combining property, knowledge or activities; and share its profit. Partners may have a partnership agreement, or declaration of partnership and in some jurisdictions such agreements may be registered and available for public inspection. In many countries, a partnership is also considered to be a legal entity, although different legal systems reach different conclusions on this point. Partnerships may be formed .. in the legal forms of General Partnership (Offene Handelsgesellschaft, OHG) or Limited Partnership (Kommanditgesellschaft, KG). A partnership can be formed by only one person. In the OHG, all partners are fully liable for the partnership's debts, whereas in the KG there are general partners with unlimited liability and limited partners whose liability is restricted to their fixed contributions to the partnership. Although a partnership itself is not a legal entity, it may acquire rights and incur liabilities, acquire title to real estate and sue or be sued In mainland China, a partnership enterprise encompasses general partnerships and limited liability partnerships.[1] A general partnership comprises general partners who bear joint and several liabilities for the debts of the partnership enterprise.[2] A limited liability partnership enterprise includes general partners and limited partners where the limited partners are liable only to the extent of their capital contributions.[3]
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Partnership Subcategories
Partnership Articles
Getting Back Together With Your Ex Even If It Seems Impossible
by Allan Lim
Nov 26, 2008
Getting Back Together With Your Ex Even If It Seems Impossible
"Are there any ways to get my ex back?"
Well, before you try getting back together with your ex, you should seriously consider whether it is the best d...
Loose Leaf Tea and the Tea Room - A Valuable Partnership
by Jon M. Stout
Jul 27, 2006
The growth in demand for high quality loose leaf tea is spectacular and all indications are that the trend will continue for the foreseeable future. As more loose leaf tea enthusiasts consume greater quantities of tea, the relationship betwee...
Sail the Slender Seas in a Partnership
by Bobby Ball
Jan 13, 2006
A quick “how-to” look at today’s couples who slim-down and firm-up together.
I’m not suggesting by the title above you take a cruise. But if you and your mate have found yourselves drowning in a sea of soft comfortable habits, like over eatin...
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