General Partnership

Any unincorporated business run by 2 or more persons who contribute money, property, or service in return for share of profit/loss.

The individuals in the partnership are liable for any debt or financial claims against the business. The partners have unlimited liability for actions of other partners and employees. This is not an appropriate business structure for raising investor money.

File Form 8832.

Reports income and expense on Form 1065.

Each partners reports their share of the partnership income and expenses, and other items in accordance with the partnership agreement on Schedule K-1.

Check with your advisor to determine which entity is best for your partnership(multi member LLC or a Corporate structure.)

Read Publication 541 for more info

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