Pittsburgh Start-Up, Emerging, or Established Partnerships
Selecting a Partnership as your Business Entity?
Need Partnership Tax Returns Prepared or Tax Planning Guidance?
Lean on the Experience of an Award Winning Greater Pittsburgh CPA Firm, your local experts in Partnership Taxation.
A partnership is similar to a sole proprietorship except that two or more people are involved. Advantages are that it is easy to establish, can draw upon the financial and managerial strength of all the partners, and the profits are not directly taxed. Some disadvantages are unlimited personal liability for the firm’s debts and liabilities, termination of the business with the death of a partner, and the fact that any one of the partners can commit the firm to obligations.
The partnership is formed by an agreement entered into by each partner. This agreement may be informal, but it is advisable to have a written agreement drawn up between all parties. While no filing is required to form a general partnership, it may be required to file a fictitious name registration.
Limited Partnership
A limited partnership is a partnership formed by two or more persons having one or more general partners and one or more limited partners. The limited partners have limited exposure to liability and are not involved in the day-to-day operations of the limited partnership.
Dennis Piper & Associates Provides Business Consulting, Tax Planning and Tax Return Preparation for Start-Ups and Small to Medium Businesses
- Business Start-Up Consulting: Lean on our expertise as you choose your business entity, tax structure, and accounting, business and management software. We will help you with everything to get your business up and operational.
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