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    What is a business partnership?
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    When two or more individuals carry on business together with a view to a profit, the relationship is called a partnership, and the members of the partnership are called partners. A partnership is not a separate legal entity and all partners are personally liable for any debts or other obligations of the partnership.

    A partnership is relatively inexpensive to set up and there are few legal formalities required to create it. The partners carry on the business themselves directly, as a partnership is not a legal entity separate from its partners. Typically, partnership income is calculated as if the partnership was a separate legal entity, but is taxed in the hands of the partners, not in the hands of the business.
    Before beginning to carry on business, partnerships should review municipal, provincial/state, and federal licensing requirements, since licenses are required for a number of activities.

    Furthermore, there will often be a requirement to register any name the partnership wishes to carry on business under.

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