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Partnership Formation Accounting

Updated: Jul 2, 2022

Suppose you choose to start your business as a sole proprietorship.

In that case, it is possible that, as the business expands, you will need to bring on more individuals, either to gain access to additional sources of funding or to provide a different experience.

The formation of a partnership is one approach that can be taken to meet these requirements.

A partnership is formed when two or more persons carry on a business for profit as co-owners.