A business partnership is

  • formed by a group of individuals
  • least common structure
  • not incorporated
    • each partner is personally responsible for the debts of the partnership in proportion to their ownership
    • each partner owns a portion of the partnership interest and partnership property
  • partners can be
    • limited (like investors) or
    • general (actively involved in the business)
  • can have unequal number of shares
  • terminates upon
    • windup
    • dissolution
    • death of a partner

Upon disability, retirement or death, a partner must be able to

  • sell their interest in the partnership to the other partners at a fair price
  • sell their partnership property to the other partners at a fair price
  • pay their portion of the partnership's debts
    • otherwise creditors can seize personal assets

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