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PARTNERSHIPS

...Two Heads Are Not Always Better Than One!

I am sure you have heard the expression "two heads are better than one."  In the case of Partnerships, that is not true!

A Partnership is basically “an association of two or more persons to carry on as co-owners a business for profit.” That’s its literal translation.  Basically, it’s just two people getting together and deciding to run a business together.  Each partner brings his/her own unique talents, resources, money, etc. into the partnership to be used for the common good.

It is also considered a pass through entity, much like an LLC or S Corporation.  In other words, the Partnership itself pays no income tax.  The partners pay income tax on the income received from the partnership (if any).  A partnership can also exist if the parties conduct leads others to believe a partnership exists.

A Partnership is much like a Sole Proprietorship,  but only with two or more individuals and 10 times the amount of liability risk. You do not need any special documentation.  You don’t need to file paperwork with the state.  However, you may have to file with the county as far as a Fictitious Business Name is concerned.  

Much like a Sole Proprietorship, you also do not receive any tax advantages by running your business as a partnership. You still pay the same amount of self-employment tax as you would if you were a Sole Proprietor.

One major difference between a Sole Proprietor and a Partnership is the Limited Liability risk. 

  • Each General Partner can Legally Bind the Partnership by his or her actions. Each can go out and get a loan in name if the partnership

  • Each Partner Fully Liable for all business activities of Partnership. It’s the responsibility of all partners to pay of this loan.

Pop Quiz: What would happen if one partner, without knowledge of the other, gets a multimillion dollar business loan in the name of the Partnership and runs off to Jamaica?

Answer: This person in Jamaica – you can’t even reach him. Now, in the eyes of the law, there is what is called “joint and several liability.” Both of you are liable for this loan. And the great thing is that if your partner can’t pay back the loan or in this case, ran off to Jamaica, you’re stuck with the entire tab.  And if you have a home or bank account, the judgment creditor can attach liens on your property and withdraw money out of your bank accounts if they have a court judgment in place.

In some respect, Partnerships are like marriages - you have to completely trust the person you are getting involved with.  However, much like marriages, divorce is prevalent.  Why not protect yourself by forming that corporation or LLC?

We invite you to discuss your business with us.  We can help protect you and your family!  Call now for a free consultation.  You may reach our office at (310)205-5529.

Remember...Failing to Plan is Planning to Fail!

 

PROTECT YOUR ASSETS, SAVE MONEY, & SAVE ON TAXES! FORM A CORPORATION!

 

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ARE YOU A REAL ESTATE AGENT? SAVE TAX DOLLARS!

 

Business Entity Chart

 

California Lawsuit Statistics

 

Do Not Trust Online Incorporators!
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LAW OFFICES OF ALON DARVISH

9454 Wilshire Boulevard, Penthouse

Beverly Hills, CA 90212

Tel: (310)205-5529

SERVING LOS ANGELES COUNTY

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