It can be a great idea to purchase a house with a partner. Especially if the house is like a split level or duplex, where each partner can live without bothering the other. If the house costs $100,000 your half will cost only $50,000. You divide the utilities, insurance and taxes in half as well, making your personal monthly share including everything only about $300/month!
There are two types of partnerships:
In a general partnership each person shares equally in the responsibilities, the decision making, and the maintenance, and is equally liable for any debts or incurred costs.
In a limited partnership one or more partners are in charge, and are personally liable for everything that goes wrong. The limited partners do nothing, pretty much, they just invest some money, and they are only liable for the amount of money they invested. An example of a limited partnership would be if you and your best friend buy a duplex, and your friend's grandpa invests $10,000 to help you out, but will not be participating in any lawn mowing.
Each partner is responsible for paying taxes on income received from the partnership.
The partnerships are governed by the Uniform Partnership Act (UPA).
There are two types of partnerships:
In a general partnership each person shares equally in the responsibilities, the decision making, and the maintenance, and is equally liable for any debts or incurred costs.
In a limited partnership one or more partners are in charge, and are personally liable for everything that goes wrong. The limited partners do nothing, pretty much, they just invest some money, and they are only liable for the amount of money they invested. An example of a limited partnership would be if you and your best friend buy a duplex, and your friend's grandpa invests $10,000 to help you out, but will not be participating in any lawn mowing.
Each partner is responsible for paying taxes on income received from the partnership.
The partnerships are governed by the Uniform Partnership Act (UPA).
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