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P: 336-249-2101
F: 336-249-4572
info@BrinkleyWalser.com

10 LSB Plaza
Lexington, NC 27292

Partnerships

Many people will start a business as a partnership. A partnership is a business entity where two or more persons join together to carry on a trade or business. The partners share in the risk and in the profits. Each partner contributes capital or labor to the venture. A partnership files an annual return documented by financial accounting. It does not pay income tax. Instead the profit or loss passes through to the partners and is reflected on a K-1 form which is then used with your personal tax return. Brinkley Walser works closely with partners to draft strong agreements that reflect the duties and obligations of the partners so that a good working relationship can make for a stronger business.

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Historic photos courtesy of Davidson County Historical Museum.

The materials and documentation contained on this site are provided for informational purposes only and should not be construed as legal advice. Browsing the Brinkley Walser, PLLC ( Professional Limited Liability Company) website does not create an attorney-client relationship. Emailing the firm does not create an attorney-client relationship; it should also be noted that emails are not considered confidential without this relationship. If you have any questions regarding the information found on this site or about your particular situation, please contact Brinkley Walser at 336-249-2101 and/or 10 LSB Plaza, Lexington, NC 27292 or consult your own lawyer for advice.

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