Are there particular rules for operating a partnership like there are for companies?
Whilst there are rules for partnerships, they are far less onerous than those for companies. Partnerships are usually more informal arrangements than companies. You are not required to maintain minutes, hold general meetings, elect any officers, engage in share dealings, or file annual financial reports. Most of the rules governing partnerships will be found in the Partnership Act for your relevant state, and in the partnership agreement which you draft when establishing your business.
Read some more FAQS from our Partnership section