By: Irina Moyseyenko, CPA, MT and Kim Racer Robinson, EA
You’ve been offered an opportunity to invest in a partnership; or perhaps you’ve been promoted to partner at your law, accounting or architectural firm. After spreading the good news to everyone, you come to grips with the great unknowns. What does it mean to be a partner? How will my financial life change? Below, we review a few things to consider before signing on the dotted line.
Know the Financial Shape of the Entity
If you buy into a business partnership, you become an owner. As a potential owner, you should know what the business owns, how much it owes, and how it generates cash flow. Review the partnership’s books and Read More