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                          Partnerships


                          What is a Partnership DBA?

                          In a partnership DBA, two or more people share ownership of a single business. The law does not distinguish between the business and its owners; a partnership DBA is not a separate legal entity, but rather an extension of the owners.

                          In a sole proprietorship DBA, one single person is the business. But in a partnership, there must be an agreement among all partners dictating how the business is to be run, just as with corporate bylaws or an LLC operating agreement. A partnership agreement should, at minimum, set forth the following:

                          • How much capital each partner will contribute and what their continuing obligations are to fund the partnership;
                          • How decisions will be made (is the agreement of both partnership members required for everything?);
                          • How profits and losses will be shared;
                          • How partnership disputes will be resolved;
                          • How partners can sell their interest and/or be bought out by the other partner; and
                          • How the partnership should be dissolved.

                          Advantages of a Partnership DBA

                          • Partnership DBAs can be started very simply.
                          • The profits and losses of the business flow directly to the partners’ personal tax returns.

                          Disadvantages of a Partnership DBA

                          • Partners are jointly and individually liable for the actions of the other partners.
                          • The absence of a good partnership agreement can be problematic, leading to misunderstandings and confusion on which partner is responsible for what and how decisions can be made about the business.
                          • Partners are personally liable for the debts and obligations of the partnership—and that liability is shared equally among the partners. For example, if one partner made a poor business decision, all partners are equally responsible for the consequences of that decision.

                          Learn how partnership DBAs fit in with other types of DBAs.


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