The income of an ordinary partnership is taxable like a corporation at a rate 30%. Exempted from tax is a general professional partnership.

Is one whose liability extends up to his personal property.

Is one who contributes money or property.

Is one who is an actual partner.

Is one whose participation is limited to a unit or part of a business.

Is one who is liable only to the extent of his contribution in the partnership.

Composed of at least one general partner with the others a limited partner.

Is one where the partners are liable up to the extent of their personal property.

The partners are co-owners of the partnership property.

Partners contributions must be in the form of money, and not by property or service.

Each partner is personally and individually liable for all partnership liabilities.

An organization where two or more persons bind themselves to contribute money, property, or industry into a common fund with the intention of dividing the profits among themselves.

Partnership assets are jointly owned by the partners.

Is one whose participation extends to the entire business.