Business Registration

Sole Proprietorship * Partnership * Limited Liability Company * Corporation

Partnership
This form of business is treated exactly like a sole proprietorship, except that more than one person is responsible. The partnership may be between two or more people and the percentage ownership of the business is mutually agreed upon. A partnership should be solidified by a partnership agreement, a document signed by all of the partners, which specifies the rights and responsibilities of each partner, as well as the percentage ownership of each. This document will be used to adjudicate any disputes between partners, but do not depend upon it to relieve you of responsibility for a debt or other liability just because you have an agreement with a partner. It is recommended that an attorney assist in the preparation of any partnership agreement.