Thursday, September 27, 2012

Gift Shop Partnership Agreement

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There are many things to consider when opening a gift shop under a partnership. In this paper I will discuss some of the major considerations needed. I will talk about the different partnerships that can be formed to open a gift shop.

One of the very first things to consider is what type of partnership to form and whom the capital to start the partnership will come from. Each partner has the opportunity to invest capital into the partnership in the form of tangible assets, services or funds. The responsibility of each partner must also be defined when conducting business. Deciding these issues can help you decide what type of partnership you want to create.

There are two types of partnerships that can be formed when opening a gift shop, which include the general partnership and the limited partnership. The Uniform Partnership Act (UPA) codifies the general partnership whereas the Revised Uniform Limited Partnership Act (RULPA) codifies the limited partnership. I will discuss each of the partnerships briefly in the following paragraph.

Under the general partnership each partner has an equal stake in the company. All partners have a vested interest in the partnership and are equally liable for any debts incurred by the company. Each partner has as much authority as the other unless stated otherwise.

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Limited partnerships work a little differently. Each partner can be listed as a general a limited partner. The only stipulation is that the partnership must have at least one general partner and one limited partner. The general partner invests capital, manages the business and is personally liable for all partnership debts. The limited partner invests capital but does not manage the business and is not liable for partnership debts beyond capital contributed.

Each of these partnerships is not taxed as a company. The income is taxed when each partner files an individual tax return. Each of these companies also must file a certificate of partnership with the respective secretary of state in which the partnership is created. This is only a brief synopsis of the different types of partnerships that can be created when opening up a gift shop. There are always plenty of considerations to be made, but the most important is to know what type of partnership suits your individual situation.

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