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General Partnership Package Tennessee Form

General Partnership Package Tennessee Form

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so how do you form a general partnership well generally all it requires is uh two or more individuals carrying on activity together with the intent to generate a profit or loss okay so it is some commercial activity between two or more individuals again with the intent of uh generated profit or loss now so let's compare this to say a sole proprietorship with an employe EMP in that situation the sole proprietor is in undertaking a commercial activity with the intent to make a profit but um is paying the uh employee uh wages or compensating them in some other manner but they are not a co-owner of the business there's not a a sharing of profits there generated from the activity if it is then it's not an employer employee relationship it's a general partnership relationship so that's the default entity for um commercial activity again carried on by multiple individuals now general partnership can be registered in ways with the state um either under a

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