Once the company has been founded, there are certain obligations that both the business and the partners must meet. The law provides information on this, but this information only applies to the extent that the partnership agreement does not stipulate otherwise.
Accordingly, each partner is entitled and obliged to manage and represent the company individually. This applies, however, only to the usual day-to-day business (i.e. the purchase of goods, sales, talks, etc.) and is not binding. Transactions beyond this will require the consent of all parties involved. If a partner exceeds their stipulated duties when conducting business, is it still legally effective. However, the other partners may then be entitled to financial compensation.
All partners must share the profits and losses of the business equally, unless stated otherwise in the articles of association.
Profits of a general partnership are not liable for direct income or corporation tax. Instead, it is a “flow-through” entity, which means that each partner must pay income tax on their share of the profits. However, your company may still be required to pay state sales tax and/or payroll fees for any additional staff they may employ.