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To form a partnership, two or more participants must: Agree through formal or informal means to have a trade or business and to share in
To form a partnership, two or more participants must: Agree through formal or informal means to have a trade or business and to share in the profits/losses. Form a trade or business in which they co-own property but operate their respective share of the property independently. Come together to form a trade or business and to agree to share profits/losses based on a written partnership agreement. Set up the business as a partnership with the IRS by registering using Form 8283
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