Bank accounts must be opened in the name of the joint venture, subject to the agreement of the Board of Directors, which shall lay down instructions for the operation of such accounts and arrangements shall be made for the signature of all payments made to the Joint Undertaking in the bank accounts. Partnerships offer little liability protection, but they offer « Pass-Through » tax treatment. In other words, there is no tax at the entity level. Instead, the joint venture`s income, deductions and credits are passed on to the partners and then recorded in their personal tax returns. In addition, partnerships offer the greatest flexibility in the allocation of profits, losses and liabilities among partners based on their company-specific contributions and not their percentage of ownership shares. .
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