The General Partnership is an easy way to go into business with others, but its ease is also its danger:

  1. No filing requirements (Georgia or Alabama)
  2. Unlimited Liability
  3. Unlimited Power of the Partners to make decisions
  4. Taxed as a pure passthrough –
    1. IRS form 1065
    2. K1 to each partner
    3. Phantom Income

Good for situations where the partners have already limited their liability in other ways

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