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The majority of small businesses in the U.S. are sole proprietorships.
Businesses structured as a partnership is a business marriage, because the assets and debts of all partners are legally link together. Any partner can make a decision or commitment for the business and all partners are subject to the commitment. To avoid this type of situation, a written agreement between all partners should be established. The agreement should explain the terms and conditions of the partnership and how profits and debts are paid. The advantage of the partnership is its ability to easily obtain money from banks and new partners/investors...
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