My Brother And Two Friends Essay

1756 Words Sep 1st, 2014 8 Pages
There is something to be said about with whom a person goes into business. In the 1980’s, my brother and two friends formed a partnership doing surveying in Colorado. Shortly after getting established, the two friends ousted my brother and took all of the money. There was an IRS audit in which a gain was determined, and my brother was included in the assessment. He quietly paid it, then one day, he received all of his money back; his “friends” paid the assessment not knowing it was paid. We never figured out why my brother got the refund instead of them, but we were not going to look a gift horse in the mouth. This scenario raises a few questions about how the partnership was formed and what the partnership agreement may have included or excluded. There are several types of partnerships which are viable options for two or more individuals who would like to go in business for themselves. Ideally, a partnership starts when an opportunity is discovered by an entrepreneur and associates who decide to go into business. They will hammer out all of the details, including company name, and record them in a document called a partnership agreement. The partnership agreement is so important that Congress passed the Uniform Partnership Act of 1997 (UPA 1997) to serve as a default partnership agreement for partnerships that did create a partnership agreement, or created a partnership agreement that did not include all of the provisions enacted by law. The State of Texas has…

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