Partnerships are not required to pay taxes

The entity theory of equity is based on the notion that a business entity is distinct from the owners.

If there is conflict between agreed value and fair value, agreed value prevails.

There should always be at least one general partner in all types of partnership.

A partner who is active in the business and also known to the public is a dormant partner

the assumption of a liability by the partnership with regard to a noncash asset contributed in the partnership by a partner will affect the value assigned to the partner’s capital account

When property other that cash is invested in a partnership, the assessed valuation for property tax purposes should be the amount to be credited to the contributing partner’s capital account.

By the contract of partnership, partners bind themselves to contribution money,

property or industry to a common fund with the intention of dividing profits equally.

The income earned by a partnership will always be greater than the income earned by a proprietorship because in a partnership there is more than one owner contributing to the

success of the business