Partnership Statement of Purpose Considerations

Defining the purpose of your partnership specifically is very important. In a general partnership, all partners are personally liable for the actions of any other partner but only within the scope of the partnership's defined business.

For example, if the purpose of your partnership is what is defined here, you would not be personally responsible if, without your clubs authorization, one of your partners misused your club funds to purchase a building in the name of your partnership.

In addition, the type of investments your club should make is limited by the scope of the accounting and tax reporting features provided by bivio. It's good if everyone understands this when they agree to join. This will help you avoid making investments that will create tax reporting issues requiring your club to hire a CPA to straighten things out.

If your club is an ActivePartnership club, you'd probably want to expand this section to include trading in options.

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Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.