Setting Up a General Partnership in Utah
A general partnership is a business owned, operated and managed by two or more individuals. Each partner in a general partnership agreement contributes cash, property and/or services to the general partnership. A partnership shares many of the benefitsand drawbacks of the sole proprietorship. Each partner is personally liable for the debts of the partnership agreement. A general partnership can be formed without any formality and may be as formal or informal as the partners wish, but without a written agreement it could be difficult to enforce a partner's rights or ownership interest. A general partnership agreement comes to an end whenever any partner decides he or she no longer wants to be part of the business or if a partner dies, retires, or becomes bankrupt.
A general partnership is also very similar to a sole proprietorship in regards to tax rates.
For more information on setting up a general partnership, call us at 801.467.1900 or start a General Partnership in Utah today. If you're interested in becoming a contractor in Utah, get your Utah contractor's license now!