authority to make business decisions and even legally bind the company in contracts.” (Scott, D., & Kupfer, M, 2019) I chose to go with this legal form because I will be going into business with my family. My parents are the ones who started the process of it by working together to create home décor items and my boyfriend and I will be adding in our talents as well. Another reason why I decided to go with this form of legal structure was because I want each of us to have an equal say in how something is done. General Partnership is an easy legal form to draw up because each person is reliable for their portion of the business. Team work makes the dream work. Advantages. One of the advantages to general partnership is that the “Businesses as partnerships do not have to pay income tax; each partner files the profits or losses of the business on his or her own personal income tax return. This way the business does not get
Legal Structure 3 taxed separately.” (Hall, 2012) Your business will have the time and the talents of more than one person going into it, which could be good. It could be good because you could have other
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- Summer '16
- Corporation, Limited partnership, Types of business entity