Partnership
Partnerships are owned by more than one person. Each of the partners is personally liable for the
business' debts. Much like a marriage, each partner is responsible for the others' actions, even if they did
not know what their partner was doing. This works if both partners are equally responsible and have equal ideas about risk. If this is
not the case, a partnership can be disastrous. For this reason, partnerships are less desirable business
entities.
Partnerships are inexpensive to form and unlike corporations or LLCs, there is no minimum tax.
