Pittsburgh, PA - Business Law - Partnership
A partnership is a type of unincorporated business organization in which multiple individuals manage a business and are equally liable for its debts. In a General partnership, all partners are liable for the debts of the entity and provide input into its management. In a Limited partnership, those partners who are designated as limited partners may invest in the entity but are not directly involved in its management; limited partners are usually liable only to the extent of their investments in the entity. A partnership is not subject to its own taxes (though they usually file separate returns), and profits and losses are passed through and taxed to partners.
Partnerships are commonly used for ventures set up around appreciating assets, such as real estate interests. They are also commonly employed for family business planning tools. If you are considering partnership and other entity planning, contact Allegheny Attorneys at (412) 963-8495.
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