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General Partnership Package Michigan Form

General Partnership Package Michigan Form

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switching to Partnerships they're broadly speaking to the types of Partnerships General Partnerships and limited Partnerships now General Partnerships like sole proprietorships are non-filing entities meaning to create a general partnership there's no documentation requirement that you have to file anything with the state it's just two or more people who are in business with one another and who split profits and losses issue with this kind of partnership is if there's a disparity in income or disparity in debt amongst Partners meaning one partner made a lot more than the other or one partner lost a lot more than the other you could see a partnership dispute arise as to whether there's going to be an equalization right so if to to bridge the disparity in income or debt and that could potentially lead to a lot of conflict especially if one partner is more entrepreneurial than the other um so if you're looking up towards a partnership a limi

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