Are there special rules for partnerships?
Unlike corporations, partnerships are relatively informal business structures. Partnerships aren’t required to hold meetings, prepare minutes, elect officers or issue stock certificates. Generally, partners share equally in the management of the partnership and its profits and losses, and assume equal responsibility for its debts and liabilities. These and other details are typically described in a partnership agreement. To learn more about partnerships and partnership agreements, read the free legal tutorial entitled Small Business Legal Structure, found in the Lean Law Library.
