General Partnership

[phillip]

Hi, I'm starting a general partnership with someone from another country. He has access to a US bank account ( we are sharing profits 50/50 )

Does anyone know if this will cause us to form a contract or can we go with the K1 form?

Also for starting a business he needs to supply a address. Will this affect his account in the US if he decides to use it?

 

[springer]

Ummm, Phillip...

Don't you think you should be getting an answer to this question from someone who has a sheepskin diploma on the wall of their office and tens of thousands of dollars in unpaid student loans?

I'm not trying to be an ass here but asking questions like this in an online forum and trusting the answers is kinda like do-it-yourself brain surgery.

 

[phillip]

Well, maybe theres a accountant on this board? i hope.

 

[Slevin]

last time someone knocked on my door i *hoped* it was tara reid... fucking postman

 

[blervin]

I'm starting a general partnership...

Your first mistake.

...with someone from another country.

And your second.

General partnerships have *no value* other than they are simple. It is dumb for anyone to form one. Unless you have a solid Partnership Agreement up front, once it is formed, no matter how much (or how little) work anyone does, each holds claim to 50%.

It's easier to just form one organization and draft a contract stipulating the profit share based on some particular occurrence of events.

And if you're doing international business, get a fucking attorney or a CPA at the very least...

 

[phillip]

Well, My funds go to a US bank account which he has access to, that is my question if he has a bank account here.

I solely own this business for the reason he isn't in the US and I dont want to deal with a partnership contract.

 

[springer]

I would like access to your American bank account as well, please.

 

[phillip]

I would like access to your American bank account as well, please.

Meaning his dad has a bank account here, and so he has access to it..