The Uniform Partnership Act defines a general partnership as "an association of two or more persons to carry on as co-owners a business for profit." This can be orally or in writing. In this format, each partner is expected to contribute to the business in all aspects, i.e. labor, money, property, or skills.
Links in This Module:
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Module 1.1 - The Importance of Legal Formats |
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Module 1.2 - Sole Proprietorships |
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Module 1.3 - Partnerships |
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Module 1.4 - Limited Liability Companies |
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Module 1.5 - C Corporations |
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Module 1.6 - S Corporations |
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Module 1.7 - What's Best for You |
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