Partnerships

Introduction

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Now, let's look at partnerships. As with any other aspect of society, things become more complicated when more than one person is involved. As you'll see, unlimited liability is an issue with partnerships as well. Read this section and, in light of what you have learned, consider what advice you would give Jason for the exercise at the end.

A partnership (or general partnership) is a business owned jointly by two or more people. About 10 percent of U.S. businesses are partnerships, and though the vast majority are small, some are quite large. For example, the big four public accounting firms are partnerships. Setting up a partnership is more complex than setting up a sole proprietorship, but it's still relatively easy and inexpensive. The cost varies according to size and complexity. It's possible to form a simple partnership without the help of a lawyer or an accountant, though it's usually a good idea to get professional advice. Professionals can help you identify and resolve issues that may later create disputes among partners.

This text was adapted by Saylor University under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensor.

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