Business ENewsletter March 01 2012

Business Partnerships
Partnership is one of the oldest forms of business organization. Historically, partnerships required no special establishment procedures, but could arise simply by virtue of two or more people acting in concert with a profit motive. Even today, individuals can face liability as partners based on their actions even though they never intended to formalize a partnership relationship. Increasingly, however, partnership laws employ formal requirements and protections in addition to retaining some of the form's traditional flexibility.