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General partnership

Defined by the Uniform Partnership Act (UPA) as “an association of two or more persons to carry on as co-owners a business for profit.” A formal partnership agreement serves as evidence of a partnership’s existence, but the sharing of profits and losses, the joint ownership of capital and assets, and joint control and management of the business serves as evidence as well. Tax advantage to the use of a partnership to own real property is that taxable income and loss can be passed through to the partners without the double taxation of corporations.