Riscario

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