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With the addition of a partnership there is the opportunity to pool the capital and management resources to grow the business further or to help run the already successfully expanding scenario.
There are two very basic types of partnerships and that would the limited partnership and the general partnership. The general partnership is relatively easy to establish as it only requires the names to be included and an agreement to be drawn up stating the various rights and responsibilities of each party within the business partnership platform.
The advantages of the general partnership would include the simplicity of the organization basics, the additional personal resources either financial or managerial in its capacity, the low start up cost, limited outside regulations and no possibility of double taxation.
As for the limited partnership the points vary a little whereby the investor liability is limited to the amount agreed upon as the investment capital share of the partner.
In most cases the limited partnership function is only that of providing additional funds for the business without having any say in the daily running of the said business entity.
The advantages of this type of partnership would include the retaining of complete control by the original general partner and the limited investment would equal limited liability incurred if any.
It’s also an easy way to secure additional capital without the hassle of extensive documentation and there are no direct taxation conforming requirements.
Therefore with these options to choose from the individual has to decide which one is best for the business expansion and for the individual personal preference.
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