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I had my own little Internet design shop, small
potatoes… I wanted more clients. I heard that Ricky was doing the same thing and he
was swamped. The light bulb went on over my head… let's combine efforts! Do it
together, bro! Partners!
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Good question! There is another kind of partnership
that Ricky and I did not opt for, it's called a Limited Partnership. Limited partnerships
have both general and limited partners. A limited partner is only liable for the amount
they have invested and does not participate in the management of the business. |
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A partnership is the relationship that exists
between two or more folks who join to carry on a business, that's me and Ricky! We each
contribute money, property, labor and skills. It's a 50/50 thing. He uses his strengths
(business savvy) and I use mine (design and programming). We both share in the profits
(knock wood) and the losses of the business. Both Ricky and I are personally liable if our
business, we call it Blast Interactive!, is sued and we're both responsible for employee
mistakes, but we don't let that happen. We're both bound by whatever the other partner
does, which means we pretty much have to agree on everything! |
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Other forms of business structures include
corporations and S corporations. See Publication 542 for additional information about corporations and Form 2553 and 2553 instructions for information about
S corporations. |
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