what is a sole partnership and how does it work?
154549
I have never heard of such a thing. Sole Proprietorship is a business owned directly by the individual. The business has no entity of itself, all debts of the business are debts of the owner an dall assets of the business are assets of the owner. All taxes are individual taxes of teh owner.\n\nA partnership is a business owned by two or more individuals. The business may or may not be its own entity depending on how it is organized.
287070
Its a type of business model.  See the URL below for information about 'what it is'.\n\nhttp://en.wikipedia.org/wiki/Matrix_scheme
349516
The LLC is designed to give you the best of both worlds: the limited liability of a corporation while retaining a level of tax simplicity that resembles a partnership.\n\nFeatures of the LLC\n\n- Limited Liability Status. The main attraction of an LLC is its limited liability status, a feature that it shares with corporations. The LLC limit your personal liability from business debts and damages incurred by the business. It basically lets you off the hook from legal liabilities such as court judgments and legal settlements obtained against the business.\n\n- Tax Benefits. Like sole proprietorships, partnerships, and S corporations, the business profits and losses of an LLC are taxed at individuals' income tax rates. You will avoid a corporation's double taxation, where taxes are reported at a separate business level.\n\n- Owners of the LLC. While owners of corporations are called stockholders, LLC owners are referred to as members. A member, who invests in the LLC and receive a percentage ownership interest in return, may be an individual or a separate legal entity such as a partnership or corporation. The percentage ownership is used to divide up the assets of the LLC when it is sold or liquidated, to split up profits and losses of the LLC or to divide up its voting rights. While an LLC can exist with one member, some states such as the District of Columbia and Massachusetts require LLCs to have two or more members.\n\n- Flexible Management Structure. An LLC can be run either by its members or a management group elected by the members. While many small businesses are managed by their own members, an LLC can easily adopt a management-run structure in the following situations: the members decide to employ outside management help; not all of the members want to run the LLC; or an outside investor wants to be given a vote in management.\n\n- Flexible Distribution of Profits and Losses. Similar to partnerships, dividing up profits among the LLC members is not restricted to the members' capital contributions. You may split up LLC profits and losses any way you wish, as long as it is provided for in the operating agreement.\n\nTo compare LLC with corporations, read these articles:\n\nLLCs vs. C Corporations http://www.powerhomebiz.com/vol97/llcs.htm \nS Corp. vs. LLC: Which Structure is Right for Your Business http://www.powerhomebiz.com/vol136/structure.htm \nChoosing Your Legal Structure http://www.powerhomebiz.com/vol3/legalstructure.htm
685288
Answer #1:\n\nApparent authority is the power of an agent to act on behalf of his/her principal, based upon the grant of authority that "appears" to an objectively reasonable person.\n\nExample: Owner of hot dog stand pays man to walk down one city block and hold a sign and bark directions to the "best hot dogs in town." A woman hears the man and then asks him how he knows the hot dogs are best. The man says, "Go down and try one and if you don't like it, you don't have to pay."\n\nThe woman goes down the street, buys a hot dog, doesn't like it and demands her money back. The vendor refuses.\n\nThe woman has a claim against the vendor, because the agent with the sign exhibited the "apparent" authority to offer the money back guarantee, even though the principal/owner, never expressly authorized the agent to make such a guarantee. \n\nThe woman also has an independent claim against the agent for a breach of warranty of authority, because he did not have the "actual" authority to offer the guarantee to the woman, but it was objectively reasonable to believe that the agent did have such power.\n\nAnswer #2:\n\nA general partnership is an agreement between two or more persons to carry on a business for profit. Absent an express agreement to the contrary, general partners share equal management and control, are entitled to an equal share of the profits of the business, and regardless of any agreement between them, are all jointly liable for the partnership debts.\n\nLimited partners are passive investors who do not have management or control (such control is retained by the general partner(s)), they are only entitled to a specified share of the profits, and they are liable for the partnership debts, only to the extent of their contribution/investment. Limited partnerships are created by statute, must be registered with the state government, and may have different governing rules depending upon the jurisdiction where the partnership is created. General parnterships are a creature of the common law, however, they are also generally regulated by state laws, however they do not require any government registration.\n\nThird parties who deal with general partners, can expect that their dealings will bind the partnership and all of its members, because general partners are agents of the partnership with actual management and control authority. Third parties who deal with limited partners have no such expectation -- only dealing with a general partner can bind the partnership -- except where a limited partner deals as if he/she were actually a general partner, as in acting with management and control over the partnership resources, in which case, the limited partner may exhibit such apparent authority to bind the partnership so as to make it equitable that a third party could reasonably rely on the limited partner's actions, and thereby bind the partnership.\n\nYou really ought to do the work yourself. Getting it from someone like myself will cause you to not remember the law, and ultimately, your ability to recall and apply law and legal theory is what will make you a lawyer.
998903
they are business partners..you figure out the rest.....it seems obvious..
334469
Under a partnership, the income that passes through will be subject to the self employment tax, which basically, you are paying double the amount medicare and social security, one as an employee and the other as the employer. \n\nIn partnerships, you are not considered an employee of the entity. Its basically self employment income, almost like if you get a 1099 which you report the income on Schedule C. In your case, you will report this income on Schedule E page2.\n\nHope this helps!
1160657
limited liability where the general partner would have liability, but the rest of the partners are not liable for anything. if incorporated, nobody can sue one person. it all falls to the company.
500183
Have to look up the Corporations Act. It tells you the steps of how to set up a business. \n\nFactors needed to be considered: \n- whether the business will be by sole proprietor, partnership or company. \n- register for ABN\n- inform ATO\n- register business name
686299
Any individual person that is not a partnership and is not another legal entity (corporation, LLC, LLP, etc.) who exchanges products or services for money or other consideration is a sole proprietorship.  (Technically, but not in practice, your childhood lemonade stand counts.)
356717
When becoming a partner, you are then a part owner of sorts(share in profits, decisionmaking, etc.)\n\nUntil then, you are simpl an Associate, which is basically a lawyer who just works there.
192864
It depends on the type of partnership. In a "regular" partnership, all the partners put in equal shares of money and they all have a say in how the money is used or invested. In a limited partnership, the principal partner(s) put up most of the money, but a number of limited partners put in smaller amounts. Only the principal partners get to say how the money is spent or invested.\n\nWhen the partnership ends, the partners get back a share of the profits based on how much they put in (called pro-rata) as a percentage of the total investment.\n\nBoth kinds of partners can add to the amounts they have invested while the partnership is still going.
923148
A partner in the movement. Like an organization that is closely related to them in what they are trying to accomplish. They might have a partnership- help each other out monitarily, etc.
322369
For protection from liability.  If a professional does not incorporate or form a partnership, their personal property is subject to creditors and other judgements.  Corporations and partnerships protect the personal assets of the professionsl.
303630
A relationship is like a business partnership; it has common goals, assets and liabilities. Like in a business, if members don’t work together, the business will become ineffective and possibly not exist for too long. The ability to work together means recognizing each person’s strengths and helping them come out at the same time recognizing each member’s weaknesses and learning to turn weaknesses into assets. Two heads are better than one and if couples follow this rule, they will see that the deep depressing valleys that lie ahead may be nothing more than pot holes once they approach them.
1101133
Or as a corporation. Partnerships and sole proprietorships are the only business organizations that subject owners to personal liability. However, if you organize as a corporation or as a limited liability company, the company and the individual are treated as separate entities. It's cheaper and less confusing to do an LLC.\nNOTE: Be advised, however, that there is  a legal phenomenon called "piercing the veil" which means that is someone is using a company (LLC or corporation) to perpetuate a fraud, even though the personal assets of the owner typically would not be able to be taken because of the business form, a court can touch those assets if found guilty of using the business organization to do "bad stuff".
750491
Corporate partnership is the alliance of 2 firms, can be competing with each other, complimenting each other or working in different industries. The partnership is based on each firm's equity share in the join venture. A great example is the corporate partnership between Ericcson and Sony to form Sony Ericsson mobile phones. \n\nCo-Branding is usually associated with promotions. Buy a detergent and get a free shampoo. 1 promotion budget, 2 logos. Credit cards are also heavy on the co-branding. Visa for example with air france, both companies benefit from it. If you use your visa, you get air miles, which you use on air france it is advertising for both companies.
96896
Here's what Nolo has to say:\n\nPartnership: "a partnership is simply a business owned by two or more people that hasn't filed papers to become a corporation or a limited liability company (LLC). No paperwork needs to be filed to form a partnership -- the arrangement begins as soon as you start a business with another person"\n\nLLC: "LLCs are similar to corporations because they also provide limited personal liability for business debts and claims. But when it comes to taxes, LLCs are more like partnerships: the owners of an LLC pay taxes on their shares of the business income on their personal tax returns."\n\nI listed the link to the entire article below.\n\nHope that helps! I wish you much success & happiness in all your ventures!