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Partnership > Management - Pg. 33

First Steps 33 · Whose founders desire to allocate profits and tax losses as they desire. · With at least one founder willing to accept liability for the business' debts. Partnerships require at least one partner to be a general partner personally liable for the debts of the partnership. · That do not expect to raise funds from foreigners or investment funds. Partners must be persons, and partnership income carries tax burdens on foreigners that can be avoided by using a cor- poration.