\fIn a partnership, each partner must use their own money to pay their own taxes at their own personal income tax rate. In ntario. a partner in a profitable partnership could have a marginal income tax rate of over 53%. In a partnership, the partners are all taxed at the same partnership income tax rate The partnership form of organization prevents unlimited liability exposure for its owners. Partnerships are governed by a partnership agreementwhereby prots are always split sass-sass Partnerships can typically raise money easier than a sole proprietorship A special form of Partnership. called an LLP {Limited Liability Partnership} is commonly used by Accounting and Legal rms. (ID If he partners agree, a partnership can be changed into a corporation G) A partnership consists of two owners [partners]. If more owners are desiredI the company must become a corporation. (D In a partnership,junior partners become responsible for a higher percentage of losses or liabilities