Forming a Partnership Please respond to the following:
• Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a partnership to minimize tax obligations.
• Analyze the need for a partnership agreement and indicate the action steps this includes and the potential consequences for failure to execute such an agreement indicating how these consequences most likely will impact a partners tax obligation.