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WHAT’S A GENERAL PARTNERSHIP?
A partnership is a syndicate, group, pool, joint venture, or other unincorporated organization of two or more individuals or entities through which any business, financial operation, or venture is carried on, in which the partners share in the profits and the losses. The partnership is an entity separate from its partners.
A general partnership consists of partners that manage the day-to-day operations of the business and that invest in the general partnership. The partners invest capital and share in the profits and losses of a partnership venture. The partners are agents for each other, which means that if a partner enters into an agreement, it binds the other partner as well. Therefore, it is essential (and this is a good rule of thumb in business no matter what type of entity is chosen) that the partners trust and are comfortable with each other’s business decisions.
A general partnership does not have limited liability, which means creditors can reach business and personal assets of the partners. For this critical reason, we recommend that clients form a limited liability partnership (if you are involved in the professions of public accountancy, the practice of law or the practice of architecture or related to such practice), a limited liability company or a corporation.
A general partnership has flow-through tax treatment under Subchapter K of the Internal Revenue Code and therefore a general partnership is not subject to direct taxation. Instead, the partnership must file a return and the partners assume liability for their share of the general partnership's gain or loss on a form and their individual returns. Avoiding the entity level tax ensures that income flowing into a general partnership is taxed only once.
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