What’s yours is mine...and ours.
Community income is income earned by a married couple or common law couple who reside in a community property state. Together, that married couple is viewed as a community, albeit a community of two.
And…see the word “commune” in there? And/or Communist-ish vibe? Yep, community income is deemed to be owned equally by both parties. Marry someone who loves to play the ponies and loses the family bank account betting win, place, and show on RunsLikeAFish…and it’s your money they just lost as well, even if you were the one who earned and saved it in a separate bank account in the first place.
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Finance: What is a partnership?23 Views
finance a la shmoop. what is a partnership? a marriage. joint ownership
of a bar. when two dudes put up half the dough each to share 50/50 in a time [two different people offer money for keys]
machine. well a partnership is just the merging
of two individuals in doing a given business deal or setting up a business
structure. if both are owners then both are liable for you know bad things
should they happen. partnerships carry a lot of financial danger if one partner
goes off the rails and decides to commit fraud in the name of the company or that
evil partner enters into a stupid company bankrupting contract, well then [bad contract sold to unsuspecting victim]
both parties pay for it. the innocent partner pays just as much in the form of
whatever financial damages befall the partnership as the evil one, and
partnership liabilities include personal assets if the partnership is structured
like a general partnership with limited partners having no personal liability so [ liability structures defined]
for all the good that a partnership can have it can get bad and ugly so you got
to enter partnerships carefully. spend lots of dough on lawyers before you set
it up so you don't have to after. [money exchanged for partnership contract ]
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