General Partnerships

Question 1

General Partnerships

Answer 1

Requires a name to be registered. (G.P. or S.E.N.C.)
For tax purposes
Lease agreements
Partnerships can take legal action and can be sued
Profits are usually shared on a percentage basis

Question 2

Disadvantages of A General Partnership

Answer 2

Need a contract (sometimes can make wrong contracts with mistakes)
Obligations to register in registraire des entreprises
A French version of name…that is accepted
Can get into conflict and disagreements with partners
Partners are personally liable
More taxes the more money you make

Question 3

Adv of gen partnerships

Answer 3

Need contract
Some tax advantages
Less costly than an incorporation
Can expense (same way as a sole proprietorship)
Share of resources amongst partners (expertise, skills, etc)
Have partners to talk to, see other points of view

Question 4

Incorporations to general partnerships

Answer 4

Have the decision to make incorporation, go from a general partnership to incorporations where you will have shares