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A partnership is a business structure whereby two or more owners contribute to the aspects of the business equally. There are general and limited partnerships. A limited partnerships has both general and limited partners. Limited partnerships usually will have passive investors. There are some advantages of a partnership, including the tax treatment since a partnership does not pay tax on its income, but rather it "passes through" any profits or losses to the individual partners. In a general partnership, there are some liability issues, since like sole-proprietors, a partner will be personally liable for the partnership's obligations and liabilities.
At Scardicchio Law Office Professional Corporation, our Business Lawyers have the skills and knowledge to help you structure your business. Our business lawyers can also help with business agreements, shareholder agreements, Federal and Provincial incorporations and partnership agreements. We also assist our established business clients draft privacy policies, terms of service agreements, website use policies, and more. Call us to discuss your business plans today. We are here to help.