In a general partnership, also known as an Association, 2 or more owners engage in business together. Partners share all assets, profits, and financial and legal liabilities of their jointly-owned business.
Similar to a sole proprietorship, partners are responsible for paying their own taxes, including business earnings, on their income tax returns, as the business is not a separate entity.
In some cases, you may have to file a Fictitious Business Name (otherwise known as DBA: Doing Business As) with your local government agency. See the permits section for more information.
If you decide to register your business as a partnership, we recommend you create a contract with your business partners to have documented evidence of your agreement.
