Forms of BusinessThere are many forms of businesses, such as a sole proprietorship, partnerships, corporations, and limited liability corporations. Partnerships are formed to pool together talent and individuals’ money. Partnerships have many tax benefits, including the partnership not being taxed; the net income flows directly to the partner’s individual tax return.What are the characteristics of a partnership?What types of partnerships are there?How are partnership profits allocated and taxed?Why are partnerships different than a limited liability company or an S corporation?
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