PARTNERSHIP 

By definition, a PARTNERSHIP is a business entity of more than one owner. The owners of a partnership share all profits and losses of the company equally. There is no separation of business and personal assets / liabilities. Roughly, it's a business marriage of two or more sole proprietorships by Partnership Agreement.

Advantages and Disadvantages are similar to the Sole Proprietor. Change in ONE or MORE of the partners results in the extinction of the Partnership and loss of the Arizona Contractor License. Both Limited and General Partnership structures carry business losses and risk to the partners.

 

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