This video is lesson two on creating a partnership of two or more people. In the downloadable PDFs you get your lesson material detailing the advantages and disadvantages of a partnership.
After studying this information you may think you now have the knowledge to proceed with selecting the Type of business you want. However, I suggest you wait on that decision until after you have received and studied all four types, which includes Sole Proprietor.
I have included in the the PDFs below a sample sales tax form here in Florida. We don’t have an income tax other than a corporate income tax, so I don’t have a sample form of that. But the sales tax form will give you an idea of what the government is looking for. And remember that each state is different, so you will need to contact your state to discover how to file.
Pay close attention the video above as I explain the advantages and disadvantages of a Partnership. Of all the 4 Types of business, this is the riskiest and should be approached with care.
As mentioned above a partnership is very risky, but they are also very easy to setup as they require no formal documentation. If you are desiring to establish a partnership and know that the prospective partner is honest, trustworthy, and someone you can work with, then this might be for you. As an author speaking to authors I think this form of business is not necessary, but the decision is yours.
I do have a recommendation about the Type best for authors, but not until all the Types have been downloaded and studied. Here are four things to look for:
- Flexibility
- Cost
- Fit for your business
- Ease of use
The next lesson will be on Sole Proprietor and will conclude the study of Types.
