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A partnership in Hong Kong is a business entity formed by the Hong Kong Partnerships Ordinance, [32] which defines a partnership as "the relation between persons carrying on a business in common with a view of profit" and is not a joint stock company or an incorporated company. [33]
In a partnership, the company is owned by the general partners and, if applicable, limited partners. General partners make the call on how the daily operations run. In a corporation, the company ...
share companies (both partnership and company) SARL, SàRL (Société à responsabilité limitée): ≈ private limited company (UK), limited liability company (US) EURL (Entreprise unipersonnelle à responsabilité limitée): ≈ single shareholder limited company (SME Pvt) (UK) stock companies (société par actions)
In an equal partnership bonus paid to a new partner is distributed equally among the partners. In an unequal partnership bonus is distributed according to the partnership agreement. Assume that Partner A is a 75% partner, and Partner B is a 25% partner. Partner C was admitted to the partnership. He paid $5,000 cash.
As in a partnership or Limited liability company (LLC), the profits of a Limited liability partnership (LLP) are allocated among the partners for tax purposes, avoiding the problem of "double taxation" often found in corporations. Some US states have combined the LP and LLP forms to create limited liability limited partnerships.
The rules governing partnership taxation, for purposes of the U.S. Federal income tax, are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code (Title 26 of the United States Code). Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income.