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This is one level higher than the sole proprietor structure. It’s a business arrangement where two or more individuals share all the income, expenses, and risk. It’s essentially a proprietorship with more than one proprietor. As discussed in Chapter 3, there are many pros and cons to having a partnership that you will need to consider carefully if you decide to go this route.

Taxes for a partnership are slightly different than for a sole proprietorship. Different forms for taxes need to be completed by you and your partner. For more information on partnership taxes in the US, contact the Internal Revenue Service (IRS). In Canada, contact Canada Revenue Agency (CRA).