Alaska General Partnership Package

State:
Alaska
Control #:
AK-P022-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this General Partnership Forms Package, you will find the general forms that will assist you with the formation, management and dissolution of a partnership. You may modify these forms to suit your particular needs or situation.


Included in your package are the following forms:


1. A Simple Partnership Agreement;


2. A Sample Complex Partnership Agreement


3. A Buy Sell Agreement between Partners in a Partnership;


4. A Profit  Loss Statement; and


5. An Agreement for the Dissolution of a Partnership.


Purchase this package and save up to 40% over purchasing the forms separately!

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Form popularity

FAQ

They both offer "pass-through" taxation, which means that the owners report business income or losses on their individual tax returns; the partnership or LLC itself does not pay taxes. And both are eligible for the 20% pass-through deduction established by the Tax Cuts and Jobs Act.

A limited liability company (LLC) is a popular choice among small business owners for the liability protection, management flexibility, and tax advantages this form of business entity often provides.

Advantage: Easy to Create. Disadvantage: Easy to Dissolve. Advantage: Flow of Personal Income. Disadvantage: Little Protection. Advantage: Flexibility. Disadvantages: Lack of Structure.

LLCs protect owners against personal liability for business debts and lawsuits. This safeguards the personal assets for all owners. In a general partnership, owners have unlimited, personal liability for the businesses' debts, including, but not limited to, the acts of employees.

Aside from formation requirements, the main difference between a partnership and an LLC is that partners are personally liable for any business debts of the partnership -- meaning that creditors of the partnership can go after the partners' personal assets -- while members (owners) of an LLC are not personally liable

Because you don't have to file paperwork, setting up a general partnership is relatively inexpensive. Simplified taxes. General partnerships benefit from pass-through taxation, where taxes on the business' profits or losses pass through the business entity directly to the business owners' personal taxes.

LLCs are similar to corporations in that they offer limited liability protection to its owners. LLCs also have fewer corporate formalities and greater tax flexibility. However, one of the disadvantages is that profits may be subject to self-employment taxes.

Profits subject to social security and medicare taxes. In some circumstances, owners of an LLC may end up paying more taxes than owners of a corporation. Owners must immediately recognize profits. Fewer fringe benefits.

A general partnership is a business arrangement by which two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a jointly-owned business.Furthermore, any partner may be sued for the business's debts.

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Alaska General Partnership Package