A corollary to the Did-You-Eat-The-Last-Cookie Rule, and a subhead under the Don't-Watch-Game-of-Thrones-Without-Me Directive.
Also, a rule dealing with taxes.
You let your spouse do the taxes for both of you. Unfortunately, as much as you love them, your honey bear just isn't very good at math. Eventually, your returns get audited and the IRS levies a penalty.
The Innocent-Spouse Rule states that you can seek relief from the penalty incurred by your spouse's error under certain circumstances. For instance, you need to show that you weren't aware of the error in the tax return. Also, the IRS has to agree that relief is warranted on your part.
Related or Semi-related Video
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 ]
Up Next
What is a limited partnership? A limited partnership is one in which at least one party is a general partner who assumes personal liabilities and i...