PARTNERSHIP

Partnership

Name of the writer]

Partnership

Introduction

The partnership is a special form of relationship. The term generally refers to a lasting relationship between social interaction units. Such units are individuals (groups) that can be organized, etc. to companies, associations, cities, states. Relationships of these units are controlled by various interests (e.g. political, economic or social) determined. US partnership law is state law. However, most US states follow the two model acts drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL), namely the Revised Uniform Partnership Act of 1994 (RUPA) (as amended) and the (Revised) Uniform Limited Partnership Act of 1916 (ULPA) (as amended). At common law, partnerships were just considered aggregates of the individual partners. According to RUPA, however, entities distinct from their partners; therefore they may conduct business, acquire, hold, and dispose of property, and sue and be sued in their own name. In this respect partnerships are similar to companies, but their taxation is different. Whereas companies are taxed at corporate and at shareholder level ('double taxation'), a partnership is a 'flow-through' entity, which means that there is a single level of taxation at the level of the partners (Ribstein, 2001). This paper discusses partnership, its types, and taxation procedures in a holistic context. Furthermore, this study seeks to explore how collaboration affects a partnership but specifically, how communication and leadership affect collaboration in a partnership.

Thesis Statement:

Communication and leadership affect collaboration in a partnership.

Discussion and Analysis

Today, the U.S. has the following basic legal forms of companies:

individual private firms;

Partnership;

Corporation, and

A limited liability company (LLC).

Each form has its own property, characteristic of her, the internal structure and legal status, size and scope. All forms of property have their advantages and disadvantages, and selection of each of them involves a risk to their owners, and their benefits. Corporate, U.S. law has a two-tier structure. The relevant laws are federal and state levels. If the state has enacted its law, it is valid federal legislation. For this paper, forms of partnership are analyzed as mentioned in the U.S law. These comprise of general partnership and limited partnership.

General Partnership:

General Partnership or simply “Partnership” operates on the basis of the law on partnerships and agreements between the partners, if any. Legislation governing the partnership is dispositive. They apply to the courts if the entrepreneurs to form partnerships have not concluded a written contract, or if it is not complete. Partners have equal rights to property management and partnership, unless otherwise specified in the agreement between them. In establishing a new legal entity partnership formally formed. However, partnerships have signs of an independent business venture. They are entitled to be entered in the register of business enterprises and to enter into relationships with third parties as a separate company, etc. As in the one-man businesses, entrepreneurs, partnerships have unlimited liability for the obligations of the partnership. The responsibility is a shared character. This means that third parties may submit a claim to the property of one partner, who will forward it for less his share ...