What ownership form might you choose for a small quadraplex (apartment) you wish to buy and manage yourself? Discuss the advantages and disadvantages of that form.

Limited Partnerships (also known as a partnership with limited liability) are more complex than general partnerships. Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These limits depend on the extent of each partner's investment percentage. Limited partnerships are attractive to investors of short-term projects. Joint Ventures act as general partnership, but for only a limited period of time or for a single project. Partners in a joint venture can be recognized as an ongoing partnership if they continue the venture, but they must file as such. Forming a Partnership To form a partnership, you must register your business with your state, a process generally done through your Secretary of State's office. For partnerships, your legal name is You'll also need to establish your busi the name given in your partnership agreement or the last names of the partners. If you choose to operate under a name different than the officially registered name, you will most likely have to file a name, or DBA name, short for "doing business as"). (also known as an assumed name, trade and permits Once your business is registered, you must obtain business_licenses and permits Regulations vary by industry, state and locality. Use our Licensing & Permits tool to find a listing of federal, state and local permits, licenses and registrations you'll need to run a business. tnd a liting of federal, sate state and locality, Use If you are hiring employees, read more about federal and state regulations for employers Partnership Taxes Most businesses will need to register with the IRS, register with state and local revenue agencies, and obtain a A partnership must file an "annual information return" to report the income, deductions, gains and losses from the business's operations, but the business itself does not pay income tax. Instead, the business "passes through" any profits or losses to its partners. Partners include their respective share of the partnership's income or loss on their personal tax returns