Although partnerships are common
in the construction business, they're
full of potential pitfalls. The first of
these is your choice of a partner.
Remember that your partner will
help determine your income, your
assets, your liabilities, and your reputation.
It's often less painful to
divorce a spouse than to break up a
partnership.
This article discusses the formation
of a partnership through the use
of a partnership agreement. It
assumes that you've already reached
the decision to form a partnership
and that you're willing to accept the
personal and tax liabilities that come
with it (for instance, partners must
pay self-employment tax and can
only partially deduct the cost of
medical insurance). Although each
partnership has its own unique
needs, and each