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Partnerships - Form 1065

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  3. Partnerships - Form 1065
  4. What are some advantages and disadvantages of selecting to be a Partnership compared to other entities?

What are some advantages and disadvantages of selecting to be a Partnership compared to other entities?

An advantage is that it is a way to combine the financial abilities and skills of several different people. Some disadvantages are that the general partners are liable for the actions of the other partners and a partnership is not that easy to get out of. Speak to your local CPA about selecting the best entity for your purposes.

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