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HOW IT WORKS
How it works
When you're considering a new business partnership, a Partnership Worksheet helps you get organized. Before you dive right in, make sure that a partnership is the right structure for your new venture. This Partnership Worksheet spells out all the information that a lawyer would need to formalize your new partnership.
You need to know what you are doing before you enter into a formal business partnership. A Partnership Worksheet can give you a little direction, and streamline the process if you decide to go forward and hire an attorney to prepare the official agreement. In this worksheet, you'll provide information about each owner, including whether each party will be a general or a limited partner. Decide in advance how profits and losses will be divvied up, and how you'll manage the new entity. What are the goals of the new business? Laying it out in writing can help you analyze the pros and cons of the arrangement. If you neglect to define the details of your new partnership, you may be stuck with the default laws of the state where you form it. Worksheets aren't just for taxes and high school math tests. You can play can use the Partnership Worksheet to play with the numbers and improve your odds of success.
Other names for this document: Partnership Basis Worksheet
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