Hi, I'm starting a general partnership with someone from another country. He has access to a US bank account ( we are sharing profits 50/50 ) Does anyone know if this will cause us to form a contract or can we go with the K1 form? Also for filing a business he needs to supply a address (which is in another country ). Will this affect his bank account in the US if he decides to use it?
Your question is worded a little strangely. If you make an agreement with another to enter a business enterprise for the pursuance of profit, you create a partnership. From what you describe, I think that is what you have done. Whether his address is appropriate is a matter of bank policy, not really a legal question. Just call your regular bank and ask them.
Yea, it is ok to have a bank account if you live in another country, but I have to ask my accountant another question. Thanks though