Partnerships

At Albanese Sinchar Smith & Co., we offer all of the financial services necessary to launch a startup business, including tax services and bookkeeping assistance, yet we also focus on the special need of Partnership Formation.

Formation and Setup

While partnerships are often treated similarly to sole proprietorships, there are key differences, both in their formation and the needs of their day‐to‐day accounting.

Among others, a key difference between a partnership and a sole proprietorship lies in the formation of additional drawing accounts and capital accounts for each partner.

We have extensive experience in the creation, maintenance, and training for such accounts.

Albanese Sinchar Smith & Co. can help set up your partnership for success from the start. Call us today at 724.863.4261 to learn more, or complete our easy‐to‐use contact form.

Changes and Challenges

Businesses are rarely static. The ownership of a partnership can change over the course of its lifetime, due to a variety of causes.

Albanese Sinchar Smith & Co.’s partnership accounting services ensure that all of the partners receive fair compensation in the event of such changes.

Upon the formation of the partnership agreement, we help you to determine the fair market value of each original partner’s contribution, as well as the contributing values new partners might bring to the team.

Upon the event of one partner’s departure or a company liquidation, we help keep things civil and orderly, allowing each partner to know that they’ve received their fair share of the proceeds.

Call us today at 724.863.4261 or fill out our contact form to learn more about our partnership accounting and bookkeeping services.