Tuesday, June 24, 2008

As for what people expect from a form of partnershp - as some here appear to be completely ignorant of what partnership means to most people. Wikipedia describes it nicely:

A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.

I think it's clearly an even handed partnership here. ONe partner takes all the risk, the other takes all the profit. What's yours is mine and what's mine is mine too. That's it.

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