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Partnerships - 101

If you start a business in Florida with multiple people without any type of formal registration with the state, you may have created a Partnership. A partnership is the default business structure Florida Law classifies businesses among co-owners who have agreed to share in profits and losses but have not made an election as to what type of entity they wish to be for mostly tax purposes. However, depending on the co-owner agreement (i.e. one person manages the business while the others are silent investors), the default to General Partnership may not be the most favorable to the owners or the partnership itself. There are 3 types of Partnerships: (1) A General Partnership, (2) A Limited Partn

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