What are some advantages and disadvantages of selecting to be a Partnership compared to other entities?
An advantage is that it is a way to combine the financial abilities and skills of several different people. Some disadvantages are that the general partners are liable for the actions of the other partners and a partnership is not that easy to get out of. Speak to your local CPA about selecting the best entity for your purposes.
Need Professional Help?
If you need help with "Business Start-ups" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.