One of the advantages of a partnership is that partnership revenues are taxed only once. The partnership`s revenues are distributed to the various partners, who are then taxed on the partnership`s revenues. This contrasts with a capital company in which revenues are taxed at two levels: first as an organization, then at the shareholder level, where shareholders are taxed on the dividends they receive. A liquidator or a similar third party who can acquire the shares of the separate partner in the partnership acquires only the economic rights and interests of that partner. Other rights are not acquired by the agent and the acquisition of the economic rights and interests of the participation of the separate partner is not an admission to the partnership. The agent has no voting rights and does not exercise any part of the management of the partnership. 6. INTEREST. No interest is paid on the company`s first contributions to the capital or on any subsequent capital contributions. A partnership agreement is a contract between two or more people who wish to manage and manage a joint venture to make a profit.

Each partner shares a portion of the partnership`s profits and losses and each partner is personally responsible for the debts and obligations of the partnership. You must also ensure that you register the business name of your partnership (or «Doing Business as») with the appropriate public authorities. This partnership ends with the death, bankruptcy or incompetence of a partner. In this case, where the partnership has more than two partners, the remaining partners act as agents on behalf of the former partner and immediately resolve the partnership`s affairs, unless the remaining partners agree to continue the partnership`s activities. 8. BANK. All partnership funds are paid on their behalf to the current account designated by the partners or to the accounts designated by the partners. All payments must be made during the signed check by both partners.

4. Profit and loss. The net profit of the partnership is divided equally between the partners and the net losses are borne equally by them. A separate income account is opened for each partner. Profits and losses from the partnership are billed or credited to each partner`s separate income account. If a partner does not have a balance on their income account, the losses are debited from their capital account. Forming a general partnership (PARTENARIAT) for the purposes of the «THE] laws of the state. Federal tax control rules allow the Internal Revenue Service (IRS) to treat partnerships as subject companies and review them at the partnership level, rather than conducting individual partner checks. This means that, depending on the size and structure of the partnership, it is possible that the IRS will look at the partnership as a whole rather than looking at each partner separately.