If you don’t want to incorporate your business and don’t what to go solo, the partnership is your best option.
The partnership is a non-incorporated business between two or many people. In a partnership, you and your partner combined financial and other resources and then shared profits or loss according to a legal agreement.
When you establish a partnership, you should have a legal partnership agreement in place, and this will help you avoid disputes later on.

Advantages and Disadvantages of Partnership

Advantages:

• Easy and inexpensive to set up.
• The startup cost is shared between the partners.
• Based on the agreement, there could be an equal share in management.
• Tax, if you lose the money you can, you can claim losses against your personal income based on the percentage of your share of losses.

Disadvantages:

• Like sole proprietorship, there is no legal difference between you and your business.
• Unlimited liabilities.
• Finding a like-minded and trustworthy partner can be difficult.
• You are help responsible for the decision made by your partner.

At Business Incorporation online setting both Sole Proprietorships and Partnership, made it easy for you all you have to do is fill out some basic information, and we do the rest. Also, in case you need help or have any question, we are available to provide you the best possible answer.