A partnership is a type of business entity in which partners invest, and in which they share the profits and losses that come from the business.  Partnerships have both an advantage and a disadvantage when compared to a corporation:  An advantage is that partnership income is generally reported on the tax returns of the partners, thereby avoiding double taxation that is present with corporations.  The disadvantage, however, is that partners generally have more responsibility for the liabilties of the partnership than they would as a shareholder of a corporation. 

The Law Office of Jim Eimers can assist you in the creation of a formal Partnership Agreement between partners, which details the duties and responsibilities of each partner.  Also, the experienced attorneys at the Law Office of Jim Eimers can meet with you and assess whether a partnership is an appropriate business entity for you, or whether a corporation or a Limited Liability Company is more appropriate.