Are you about starting a business and want to use a general partnership entity? If YES, here are 10 pros and cons of forming a general partnership. There are no formalities for a business relationship to become a general partnership. It simply means you don’t have to have anything in writing for a partnership to…

 

Partners are personally responsible for the business obligations of the partnership. It also means that if the partnership fails, the partners are individually responsible to pay for the debts and creditors can go after personal assets such as bank accounts, cars, and even homes. For instance, if the partnership dissolves and there are still outstanding…

 
 
 

Do you own a business in Pennsylvania and want to close down due to debt or other reasons? If YES, here is a 8-step guide on how to dissolve an LLC in Pennsylvania. Dissolving a partnership is an official process of permanently closing your business cum partnership. Even though filing the dissolution documentation with the…

 

Do you want to change your business entity from partnership to sole proprietor? If YES, here are 11 steps on how to change partnership to sole proprietorship. It is not out of place to start your business as a partnership business whether general partnership or limited partnership, but there will come a time that the…

 

Do you need a business partner? If YES, here is an 8-step guide on how to write a business partnership proposal that gets the money or collaboration you want. Indeed starting and managing your own business can be daunting, especially if you are trying to do everything by yourself. There are times when partners will…

 

Do you want to breakup a partnership but lack the know-how? If YES, here are 4 different ways you can get out of a business partnership with minimal losses. A business partnership can be a wonderful opportunity—varying skills, someone to help generate ideas and strategies, and of course, shared risk. But also note that with…