Announcements:

SageAdvisers Teleseminar Series: "PROFESSIONAL PRACTICES AND TRANSITION PLANNING" w/Special Guest Neal Inscoe, CWPP. January 18, 2012, 12:00 pm - 1:00 pm (PST). Call 775-335-3180/913584# or webcast http://InstantTeleseminar.com/?eventID=25506966

Listen to "HAVING IT ALL" w/Jen & Cheri on 99.1FMTalk Radio (www.99.1FMTalkRadio.com). Saturday 5PM/Sunday 8AM. Tune in each week as they feature fun, brilliant, amazing guests covering topics related to Health, Wealth, Business, Personal Development & Relationships.

Sage will be participating in the Financial Fitness Fair, Saturday January 28, 2012 from 10:00am-2:00pm at the Boys and Girls Club - 2680 East Ninth St, Sparks NV

Sage will be participating in the The Entrepreneur's Retreat, Saturday January 28, 2012 from 11:00am-3pm at the Holiday Inn Express, 2375 Market St., Reno NV

Mary-Ann Andrews, VP of Business Development

Congratulations for graduating with a Masters Degree in Business Administration from The University of Phoenix!

Serves on the Board of Directors for United Way

Serves on the Washoe County School District CTE Advisory Board

Member Professionals Saleswomen Nevada & ABWA

Cheri S. Hill, "Wealth Protection Diva"

-Serves on the Board of Directors for The Chamber: Reno-Sparks-Northern Nevada

-Certified NxLeveL Instructor (NxLevel for Entrepreneurs) for the Nevada Small Business Development Center. Her next Business Planning Class begins February 21, 2012. www.nsbdc.org

-Founding member eWomenNetwork Reno/Tahoe Chapter

-President: Entrepreneurship Nevada

-Member NSA & Toastmasters Int'l

How to Incorporate - General Partnership

Whenever two or more people agree to share ownership, management, profits and liabilities, whether or not an agreement has been signed, a partnership is formed.

Advantages

Simple and inexpensive to form – no state, federal or local filings are required to form a partnership.
All partners have equal rights in the management of the partnership business.
Statement of partnership authority can be filed with the Secretary of State to record the partnership agreement and to identify the partners.

Disadvantages

General partners are jointly and severally liable for any debts, damages or obligations incurred by all the other partners.
Unlimited liability for each partner - if the assets of the partnership are inadequate to pay partnership creditors, the personal assets of the individual partners may be reached to satisfy these obligations.
No continuity of life – if any partner dies, retires, or is otherwise disassociated from the business the partnership expires unless the partnership agreement provides otherwise.
Limited financing – may only borrow money or use partners’ savings. Must be dissolved and reformed to admit additional partners wishing to invest.
Deadlock – partners do not always agree!

Tax Implications

Partnership files IRS Form 1065.
Individual partners pay tax – each partner receives a K-1 showing the distributive share of partnership income to be declared on the partner’s individual tax return.
Estimated tax payments – partners may be subject to quarterly tax payments.
Social Security – partners may subject to self-employment taxes.

Your house and your life savings can be lost through the actions of your partner. While you may have had nothing to do with the decision that was made and you may have been two thousand miles away when it was made and you may have voiced your opposition to it when you found out it was made, as a general partner you are still personally responsible for the decision.