Forming a General Partnership

business people doing businessStarting your own business is a new and exciting opportunity to chase your dreams. But going into business is rife with legal risks, which is why business formation attorneys are so invaluable. When considering forming a general partnership, you should know what you’re getting into, and what the possible pitfalls may be.

What is a General Partnership?

A general partnership consists of two or more people who go into business together for profit. It is a step up from a sole proprietorship in that all the members of the partnership divide the liabilities of the business amongst themselves instead of just one person. You don’t actually have to go through any formal process to establish a partnership; the entity is created by the act of engaging with one or more other persons in a business enterprise.

Rules of a General Partnership

Under the Uniform Partnership Act, the rules of partnership include but not limited to the following:

  1. Joint property ownership or tenancy does not establish a partnership.
  2. Income or profit from property held jointly does not constitute a partnership.
  3. Profit sharing from a business constitutes a partnership except when the share was received as payment for rent, debt or wages.
  4. If a person allows the use of his or her name to benefit the business in any way, that person is considered a partner, and may be held equally liable as the formal members of a partnership.
  5. Profits are reported as personal income and taxed accordingly.  This is called a pass-through. The portion of the income that are reported under each partner is based on the profit-sharing terms of the partnership agreement.
  6. Each partner is personally liable for the partnership’s obligations. This may take the form or joint or several liability. Even if only one partner is found guilty of any wrongdoing concerning the business, all partners are jointly and/or severally liable. In some instances, the same would apply for liabilities of the partnership’s employees.
  7. Each partner has equal voting rights unless otherwise stipulated.

Because a partnership is subject to a lot of issues and disputes, including complicated taxation laws, it is advisable to have a written agreement drawn up prior to the commencement of any business endeavor. Contacting business formation attorneys to draw up a partnership agreement ensures that each partner’s rights and concerns are addressed legally and fairly.

NASA Technology to Aid in Disaster Relief

NASA has developed radar technology that helps first-responders find victims in disaster situations. The new technology is called Finding Individuals for Disaster and Emergency Response (FINDER). It’s capable of detecting individuals buried under or trapped behind varying meters and densities of debris. In open space it can locate people as far as 30 meters away. FINDER would give responders a greater margin of time for finding injured or trapped people and effectively treating them.

FINDER works by reading the patterns that bounce back from debris using radar microwave signals. There are some complications when it comes to analyzing wreckage. In situations where storms have produced shattered wreckage, signals can get crossed by the overstimulation of surfaces. However, algorithms help to weed out the oversaturation of signals and isolate human movement like the rise and fall of a victim’s chest.

The FINDER detection is tailored specifically to human signals so that it doesn’t inadvertently pick up signals coming from animals or other moving factors, like trees or debris. There have been many instruments developed to help disaster relief, from clean-up resources to transportation vehicles, but FINDER is the most precise prototype built to target and locate trapped disaster victims.