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What are the benefits of a business partnership?

If you want to start a new business in Florida, one of the many choices you will have to make is what type of operating structure you want to use. You can choose to create a sole proprietorship, a corporation, a limited liability company or a partnership. Each one of these models has its own set of pros and cons. When would a partnership be right for you?

For starters, you would only set up a partnership if there is another person that will be part of the business along with you. As explained by the U.S. Small Business Administration, one of the biggest benefits of partnerships is the ease with which they can be created. Setting up a partnership requires far less time and financial investment than does setting up other forms of business structures.

You also have the ability to choose different types of partnerships. If you want to create a partnership for a very clearly defined project or set of time, you can do this with a limited partnership or a joint venture. Limited partnerships also allow you to set up a business relationship that does not require equal financial input or commitment. You and your partner can have different levels of power and responsibility in this model. You can also have a fully equal arrangement with a general partnership.

This information is not intended to provide legal advice but general information about when starting a new business as a partnership in Florida is the right choice.

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